Offshore Wind Worldwide 2022 edition - Flipbook - Page 156
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2018 levels by 2030) has attracted much
public attention. The S&D Basic Plan
promises to accelerate the phase-out of
domestic coal power and commits the
government to enhancing grid stability in
preparation for major growth in offshore
wind power
1A
s compared to the 124.5MW currently in
operation.
2K
orea is mountainous and densely
populated, but its coastline is 2,413
kilometers long and areas of high
electricity demand are relatively close to
the coastline. Beyond the 12GW of installed
offshore wind capacity for 2030, the
government’s 2034 target of 20GW is even
more ambitious.
generation through grid reinforcements,
enhanced forecasting, mandatory
curtailment coupled with compensation
(details pending) and market incentives to
promote ESS and mitigate against
renewables intermittency. The RE Basic Plan
calls for further strengthening of the RPS
(defined below) system (including
considering increasing the maximum
allowed RPS obligation from 10% to 40%
and decreasing the threshold for RPS
Participants (defined below) from 500MW
to 300MW of generation capacity), exploring
adjustments to the existing REC multipliers
and creating a new incentive scheme to
encourage growth in the green hydrogen
industry.
HoganofLovells
Republic
Korea
The 30MW Tamra offshore wind farm in
Jeju Province is no longer the sole utilityscale operational project in Korea, as the
60MW Southwest Sea Offshore Wind and
the 34.5MW Yeonggwang Onshore-Offshore
Wind facilities have also now reached COD.
There are many more projects in the
pipeline, including several large-scale
floating offshore wind projects off the coast
of Ulsan being developed by (among others)
Equinor, Korea National Oil Corporation,
Korea East-West Power, Shell, Green
Investment Group, CoensHexicon, SK E&S,
Copenhagen Infrastructure Partners (CIP),
EDP Renewables, Wind Power Korea, and
Aker Solutions, though generally these
projects remain in the feasibility study and
FLiDAR deployment stages. Developers such
as POSCO Energy, Korea Midland Power, SK
E&S, CIP, Hanwha E&C, and Korea SouthEast Power are developing several other
offshore projects, including 400MW near
Jeonnam Province’s Woo-yi Island, 350MW
near Jeonnam Province’s Yeonggwang
Nak-wal Island and Kyungnam Province’s
Tongyeong Yok-ji Island, respectively,
300MW near Jeonnam Province’s Sinan
County and 100MW in the Saemangeum
Renewables Complex. The market continues
to progress, and it seems likely that 2022 will
see the first non-recourse project financing
of a foreign-invested offshore wind farm in
Korea.