Korea's ₩250 Offshore-Wind LCOE Target: Industrial Policy or Political Declaration?
Korea pledged a ₩250/kWh offshore-wind LCOE by 2030 and ₩150 by 2035 — while cutting its auction ceiling almost every year. Industrial policy, or political declaration?
Korea has pledged a ₩250/kWh offshore-wind LCOE by 2030 and ₩150 by 2035. Yet as the UK raised strike prices and global benchmarks climbed, Korea has cut its auction ceiling nearly every year. We ask whether the target is credible industrial policy or a political declaration.
What the full analysis covers
The real auction-ceiling trajectory (2024–2026) vs the UK's AR6/AR7 and the BNEF global benchmark
Why the ₩250/₩150 “realised LCOE” target and the SMP+1REC auction ceiling are constantly conflated
What ₩250 implies for developer IRR under different REC weightings
Why five global majors have stalled or exited — and what it signals for 2030
Korea's offshore-wind capacity is ready — but the grid can't deliver it. Grid bottlenecks are the binding constraint. Where the grid fails and how to break the deadlock.
Korea's Offshore Wind Special Act (effective 26 March 2026) turns the market into a government-led planned-siting regime. What the Act, Decree and Rules actually change.
Korea has designated 10 offshore-wind cluster zones totalling 14.4 GW — 57.7% of its 2035 target. A comprehensive status report on every zone: capacity, lead and stage.
Korea's 2026 H1 offshore-wind auction cut fixed-bottom to ₩171.229/kWh and priced floating separately at ₩175.100 — the first decoupling. Full results and what it means.
