South Korea’s Ministry of Climate and Energy has said “consultations are underway with the relevant authorities” to determine the best time for a new offshore wind auction.

It comes at the same time as onshore wind gets the go-ahead to hold fixed-price competitive bidding, while the Ministry of National Defence still needs to complete its military operational review for the anticipated offshore sites.

The energy ministry clarified: “For offshore wind power, we are engaging in discussions with the relevant permitting agencies about the projects expected to be submitted, aiming to address uncertainties tied to permits and authorisations.

“Following the completion of these discussions, there will also be a bidding process for offshore wind power.”

The fixed-price competitive bidding framework enables renewable energy producers, such as wind power businesses, to sell the electricity they generate at a consistent price for a duration of 20 years.

The evaluation of the competitive bidding process comprises two phases: the initial phase involves a non-price review focused on industrial and economic impacts, while the subsequent phase consists of a quantitative assessment of the bid price.

More information:https://www.4coffshore.com/news/south-korea27s-next-offshore-wind-auction-27under-consultation27-nid32127.html