The government is considering extending the fixed-price contract period for offshore wind developers from the current 20 years to 25 years, aiming to lower developers' bidding prices and reduce the unit cost of offshore wind power generation.
Kim Sung-hwan, Minister of MCEE (Ministry of Climate, Energy and Environment), said on October 26 during a comprehensive audit by the Climate, Energy, Environment and Labor Committee at the National Assembly in Yeouido, Seoul, that extending the fixed-price contract period from 20 to 25 years would increase corporate profitability and create factors that allow prices to be lowered.
