Original Korean article: 전기신문
Korea's offshore wind industry is preparing for the phased sunset of the Renewable Portfolio Standard (RPS) system, with government officials presenting transition scenarios to ensure continuity of existing projects. The government is actively discussing measures to secure the continuity of existing offshore wind projects in preparation for the RPS sunset.
According to the Korea Energy Agency, the government is reviewing a transition period of 2-3 years that would involve either parallel operation of existing RPS bidding alongside a new government-led contract market mechanism, or full absorption and integration of the two systems. This approach aims to provide a smooth transition for the offshore wind sector as it moves away from the RPS framework.
The proposed transition is expected to bring several advantages to the industry, including simplification of power purchase agreements and improved project financing conditions. By extending a grace period and allowing for gradual integration of the new system, the government seeks to minimize disruption to ongoing projects while establishing a more stable long-term framework for offshore wind development.
The discussion reflects growing concerns within the offshore wind alliance about maintaining project momentum as the RPS system phases out. Industry stakeholders are working with government agencies to ensure that the transition to the new contract market mechanism does not create gaps in project development or financing availability for offshore wind initiatives.
