South Korea's Trade, Industry and Energy Vice Minister Namho Choe has introduced the Offshore Wind Power Competitive Bidding Roadmap during a conference with offshore wind companies held on August 8 at the Korea Chamber of Commerce and Industry in Seoul. This initiative marks the second phase of implementation measures under the broader strategy announced in May to expand renewable energy distribution and strengthen the supply chain.
With the country's domestic wind power capacity expected to reach 18.3 gigawatts (GW) by 2030, the government plans to initiate competitive bidding for large-scale offshore wind projects. The roadmap aims to balance the expansion of renewable energy with nurturing the industrial ecosystem and promoting price competition.
As part of the roadmap, the timing for competitive bidding will be advanced from the fourth quarter to the second quarter of each year. Additionally, the government will release an additional tender notice if necessary. Over the two-year period from the second half of 2024 to the first half of 2026, South Korea is expected to launch offshore wind tenders totaling 7GW to 8GW.
The bid evaluation process will adopt a two-stage approach. In the first stage, nonprice attributes will be assessed, selecting 120%-150% of the submitted bid quantity. The second stage will focus on price competition, and the bidder with the highest combined score from both rounds will be selected. The government also plans to increase the score allocated to nonprice criteria from 40 to 50 and include additional factors such as maintenance, security, and public works in the evaluation.
A new bid market for floating projects will be introduced this year, alongside the existing market for fixed turbine orders. To strengthen public-sector participation, a target ratio will be proposed as part of the realignment of the renewable portfolio standards system. In the first half of 2025, the government will launch a public-led bid market.
Vice Minister Choe stated that the roadmap is designed to “accelerate large-scale investments in offshore wind power and job creation across domestic and overseas firms, while also spurring the establishment of ports and ships and other related infrastructure.”
The Ministry of Trade, Industry and Energy plans to release a wind power tender for competitive bidding in October, following an auction briefing in September.
