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South Korea's government has decided to consolidate five state-owned power generators (Korea East-West Power, Korea Midwestern Power, Korea Western Power, Korea Southern Power, and Korea Southeastern Power) into a single entity called 'Korea Generation' after 25 years of operating separately.
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South Korea targets October 2027 launch of unified GencoGet the latest Korea offshore wind news delivered to your inbox.
Korea's five state-owned generators become one in October 2027. They hold 14.0 GW of offshore wind, a third of the national pipeline. What the merger case rests on, and what it leaves unanswered.
Engine ARA — project economicsReport page in preparation The Ministry of Climate, Energy and Environment's ten-year bidding plan, announced on 30 June 2026, will bring 55 GW of offshore-wind tenders to market from 2026 to 2035. It allocates 4 GW or more each year and concentrates about 28 GW into 2026–2030. Two tracks run in parallel — the existing competitive auctions (~31 GW, through 2033) and the Special Act's new development-district auctions starting in the second half of 2029 (~24 GW) — targeting 10.5 GW deployed or under construction by 2030 and 25 GW of cumulative deployment by 2035.
The framework law that moved Korea from developer-led projects to a government-led planned-siting regime, in force since 26 March 2026 with its Decree and Rules. The state designates the wind-power districts and selects operators by competitive bidding, and a single implementation-plan approval deems roughly 28 statutory authorizations granted — the one-stop reform at the centre of the market.
