Business · Energy & Commodities · 3 hrs ago
South Korea opens 2.2 GW offshore wind power auction
South Korea’s Climate, Energy and Environment Ministry announced a 2.2 GW offshore wind auction on October 30.
The auction offers about 1.7 GW for fixed turbines anchored to the seabed and about 500 MW for floating turbines.
This follows an auction of about 1.8 GW in the first half of the year, bringing the year’s total to about 4 GW.
In this system, the government selects projects that agree to sell electricity at or below a set price for a long period.
The ministry lowered the maximum prices for both types of project compared with the first-half auction, citing changing costs, exchange rates and competition.
South Korea plans to hold offshore wind auctions totaling 55 GW by 2035, including 28 GW by 2030.
For the next auction, the ministry is considering extending contracts to 25 years, five years longer than at present.
South Korea announced an offshore wind power auction with a total capacity of about 2.2 gigawatts.
The auction covers about 1.7 GW of fixed-bottom wind and 500 megawatts of floating wind.
The Climate, Energy and Environment Ministry published the auction notice on October 30.
Together with about 1.8 GW offered in the first half of the year, the auctions bring the 2026 total to about 4 GW.
The ministry said it plans to hold offshore wind auctions totaling 55 GW by 2035.
- Who
- South Korea’s Climate, Energy and Environment Ministry announced the auction.
- What
- It opened a fixed-price competitive auction for about 2.2 GW of offshore wind capacity.
- When
- The notice was published on October 30, 2026.
- Where
- The notice was published on the Korea Energy Agency website.
- Why
- The ministry said it plans to hold competitive offshore wind auctions of at least 4 GW annually.
This story does not have two clearly opposing sides.
South Korea offered about 1.8 GW of offshore wind capacity in an auction.
The ministry published a notice for a second-half auction of about 2.2 GW.
- Total auction capacity
- About 2,200 MW
- Fixed-bottom capacity
- About 1,700 MW
- Floating wind capacity
- About 500 MW
- Fixed-bottom price ceiling
- 168.937 won per kilowatt-hour
- Floating wind price ceiling
- 174.003 won per kilowatt-hour
- Offshore wind auction plan
- 55 GW by 2035