South Korea has announced an offshore wind competitive auction for the second half of 2026, offering approximately 2.2 GW of capacity. Combined with the first-half auction of around 1.8 GW, the total auction volume for the year will reach approximately 4 GW.
The second-half auction comprises 1,700 MW of fixed-bottom offshore wind capacity and 500 MW of floating offshore wind. The fixed-bottom allocation includes 1,400 MW under the general track and 300 MW under the public-led track.
The price caps for fixed-bottom projects are KRW 168,937/MWh for land-based grid connections and KRW 168,913/MWh for Jeju. For floating offshore wind, the respective caps are KRW 174,003/MWh and KRW 173,979/MWh. Compared with the first-half auction, the price caps have been reduced by 1.34% for fixed-bottom projects and 0.63% for floating wind.
Project evaluation will consider factors beyond price, including community acceptance, industrial and economic contributions, domestic supply chain development, operations and maintenance capabilities, security, resilience and grid integration performance.
Applications can be submitted from 30 October to 10 December 2026, with award announcements expected from December onwards.
