The Great Retreat: Why Global Developers Are Leaving Korea's Offshore Wind
Shell, BP, Equinor, RWE and Macquarie have exited or stalled in Korea's offshore wind — a structural verdict, not a coincidence. Why the global majors are leaving.
Shell, BP, Equinor, RWE and Macquarie — five of the world's most capable offshore-wind developers — have exited or stalled in Korea. This is not a coincidence but a structural verdict on the market's economics. We trace why the global majors are leaving.
What the full analysis covers
The economics behind each major's exit or stall — Shell, BP, Equinor, RWE and Macquarie
How Korea's auction ceiling, PPA structure and permitting compare with the markets they chose instead
What the retreat means for Korea's 2030 and 2035 targets
Which players remain — and the conditions that would bring the majors back
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.
