1.

Results of Competitive Bidding in the First Half of 2026 and Evaluation
 
A total of nine projects (3,656MW) were selected for this tender, and five projects (1,786MW) were finally selected. Since the introduction of the offshore wind tender in 2022, the competition rate exceeded two to one for the first time. A total of 1,254MW was selected for fixed offshore wind power projects, including one public-driven project (160MW) and three general projects (1,094MW), and one floating offshore wind power project (532MW), which was not opened last year, was selected and resumed.
 
It is worth noting that despite the government’s demand for a reduction in the unit price of power generation compared to prior auctions, the competitive bidding nevertheless proceeded with relatively high participation rates. In addition, projects that proposed plans to utilize the domestic supply chain, such as substructures and power cables, and projects that submitted domestic production and technology transfer plans for 15MW turbines were selected. As such, non-price indicators such as industrial economic effects, supply chains, and security, which the government has emphasized, have had a significant impact on the selection results.
 

2.

Key Details of Mid to Long-Term Offshore Wind Power Tender Implementation Plan (Roadmap)
 
The Roadmap announced by the MCEE is the first mid-to-long-term bidding plan that proposes a total of 55GW for 10 years (4GW or more per year). For the five years up to 2030, a volume of 28GW will be announced first, and the Roadmap will be revised and supplemented every three years to reflect changes in market conditions. With respect to the bidding system, a two-track system is operated in parallel with the existing competitive bidding for fixed-price contracts and the competitive bidding for power generation districts under the Special Act on the Supply of Offshore Wind Power and the Fostering of the Industry. The government plans to secure an effective competition rate of at least two to one and induce a phased reduction in the unit price of power generation through economies of scale.
 

3.

Implications
 
According to the Roadmap, the annual tender volume for 2026 is 4GW. Considering the invitation for the first half of the year of 1.8GW, it is expected that about 2.2GW can be invited as a competitive bidding in the second half of the year. Therefore, developers considering participating in the bidding in the second half of the year need to prepare for this.
 
Meanwhile, a bill to partially amend the Renewable Energy Act is pending at the National Assembly, which focuses on the sunset of the Renewable Portfolio Standards (the “RPS”). Following the introduction of the renewable energy contract market system, competitive bidding based on the RPS and competitive bidding in power generation districts under the Special Act on Offshore Wind Power are expected to take place in parallel. Under the existing RPS system, Renewable Energy Certificates will continue to be issued for facilities awarded through competitive bidding for fixed-price contracts even after the reorganization of the system. However, it is necessary to continuously monitor the process of discussing the proposed amendment by the National Assembly, the enactment of subordinate statutes, and the trends in contract market design.