Seoul: The government has announced a new initiative to provide incentives to public entities that enter the offshore wind power market. This move is part of a broader effort to stimulate growth in the renewable energy sector, as confirmed by the industry ministry on Thursday.
According to Yonhap News Agency, public institutions and companies that participate in the government's offshore wind power development project will benefit from preferential pricing. This includes subsidies on electricity sales, recognizing their contributions to the energy supply chain and overall energy security. The initiative is a strategic part of the government's push for public-led development in the sustainable offshore wind sector, with goals to bolster national energy security and transition away from fossil fuel-based power generation.
The Ministry of Trade, Industry and Energy has announced plans to open a bidding process for the project, targeting the construction of offshore wind power facilities with a capacity of up to 3.5 gigawatts (GW) in May, with the possibility of additional rounds later in the year if required. This initiative aligns with South Korea's ambitious plan to establish wind power facilities with a total generation capacity of 14 GW by 2030.