Public-led offshore wind projects in Jeollabuk-do and Jeju are facing successive setbacks from developer withdrawals and failed auctions. Concerns are mounting that Incheon's public-led offshore wind project faces the same structural risks and could be caught in the fallout.
KOWEPO Withdraws from Jeollabuk-do Southwest Offshore Wind
According to reporting by Incheon Today on October 29, a consortium of seven Gencos led by KOWEPO (Korea Western Power) has withdrawn from participation in the Southwest Offshore Wind Expansion Zone 2 in Jeollabuk-do, a 1 GW project in Buan waters with a total budget of 6 trillion won. The consortium submitted a project proposal on September 23 but KOWEPO verbally notified Jeollabuk-do Province of its withdrawal on October 19.
KOWEPO cited "difficulties in project implementation following review of major uncertainties" as its reason for withdrawal. The MCEE (Ministry of Climate, Energy and Environment) points to changes in profitability stemming from revisions to the Renewable Portfolio Standard (RPS) to be implemented next year as the background.
