The South Korean government has launched an auction offering fixed-price contracts for 2.2 GW of offshore wind capacity (South Korea’s Ministry of Climate, Energy and Environment press release, 30/10/2026). The tender covers 1.7 GW of fixed-bottom offshore wind, split between 1.4 GW under the general bidding category and 300 MW under the public-led category, which requires public institutions to hold an equity stake in the projects. An additional 500 MW allocation has been set aside for floating offshore wind developments.
The second-half 2026 auction follows the 1.8 GW tendered during the first half of the year, bringing South Korea's total offshore wind bidding volume for 2026 to 4 GW. This is the first competitive bidding round since the publication of the Mid-to-Long-Term Offshore Wind Bidding Roadmap in June 2026. The strategy targets a cumulative bidding volume of 55 GW by 2035, with annual tender volumes expected to exceed 4 GW.
Compared with the first half of 2026, the price ceilings have been lowered to KRW 169/kWh (USD12.6c/kWh) for fixed-bottom offshore wind and KRW 174/kWh (USD12.9c/kWh) for floating offshore wind, representing respective decreases of 1.34% and 0.63%, according to the press release. The tender submission period runs from 30 October to 10 December 2026, with contract awards expected to begin in December.
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