South Korea launched a new offshore wind auction offering approximately 2.2GW of capacity on 30 October 2026, with separate allocations for fixed-bottom and floating projects and lower bidding price ceilings than in the first half of the year.
The Ministry of Climate, Energy and Environment announced the second-half fixed-price contract tender through the Korea Energy Agency. Together with approximately 1.8GW offered in the first half, the latest round brings South Korea’s total offshore wind auction volume for 2026 to around 4GW.
The new tender allocates 1.7GW to fixed-bottom offshore wind, comprising 1.4GW under the general bidding category and 300MW for public-led developments. The remaining 500MW is reserved for floating offshore wind projects.
The price ceiling for fixed-bottom offshore wind projects connected to the mainland electricity system has been set at KRW168,937/MWh, while the corresponding limit for floating offshore wind is KRW174,003/MWh.
For projects subject to Jeju electricity market pricing, the ceilings are KRW168,913/MWh for fixed-bottom wind and KRW173,979/MWh for floating developments.
Compared with the first-half tender, the mainland price ceilings have been reduced by 1.34% for fixed-bottom offshore wind and 0.63% for floating projects.
The ministry said the revised ceilings reflect projected changes in domestic and international offshore wind levelised costs of electricity (LCOE), exchange rates, market conditions and the anticipated level of bidding competition.
The tender follows the government’s offshore wind bidding roadmap, released in June 2026. Its capacity allocation was determined after a preliminary demand survey carried out in August by the Korea Wind Energy Industry Association and the Korea Energy Agency to establish bidding volumes that would allow effective competition.
The latest auction maintains three separate bidding categories: general fixed-bottom, public-led fixed-bottom and general floating offshore wind.
Under the public-led arrangement, participating public institutions must hold a prescribed minimum equity interest in the projects. The government said this structure is intended to strengthen project implementation, improve local acceptance and encourage the use of domestic offshore wind equipment and supply chains.
Floating offshore wind continues to be offered through a separate bidding category. The ministry cited the technology’s early stage of global deployment and the potential contribution of South Korea’s manufacturing sector to the development of its supply chain.
Project applications opened on 30 October and are scheduled to close on 10 December 2026. Award announcements are expected from December onwards.
The second-half auction follows a competitive first-half round in which nine projects submitted bids totalling 3,656MW. Five projects with a combined capacity of 1,786MW were selected, including 1,254MW of fixed-bottom offshore wind and 532MW of floating capacity.
Among the successful developments were the 504MW Haesong 3 and 532MW Haewoori 2 offshore wind projects, both backed by Copenhagen Infrastructure Partners. Together, the two projects secured fixed-price contracts covering 1,036MW.
The government’s June roadmap set out plans to offer approximately 55GW of offshore wind capacity through competitive tenders between 2026 and 2035, including around 28GW during the first five years.
Alongside the latest bidding round, the ministry outlined plans to expand shared offshore grid connection facilities and supporting infrastructure, including ports and vessels. The measures also cover permitting procedures, financing support and the introduction of designated offshore wind development areas.
The ministry is also considering extending the duration of offshore wind fixed-price contracts from 20 to 25 years in a future auction. The proposed extension has not yet been adopted.
The details of the second-half tender were published in the government’s official offshore wind auction announcement on 30 October.
