RE-Talk South Korea:
Wind Webinar - Landscape

PRESENTER

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Vince Heo

Associate Director

IHS Markit

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William Gaillard

Vice President Sales Asia-Pacific

Vestas

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Jacques-Etienne Michel

Country Manager

Equinor South Korea

Background of wind market in South Korea:

 

Draft 9th Basic Plan for Electricity Demand and Supply:

 

  • Renewables: 2019: 15.8GW; 2034: 78.1GW (+62.3GW) (40% share of total electricity generation in 2034) Under RE3020 policy, wind power expected to grow 16.5GW by 2030.

  • LNG: 2019: 39.7GW; 2034: 60.6GW (+20.9GW) (replace some of the old retiring nuclear power plants, and the government is pushing nuclear to phase out)

  • Coal and nuclear will decrease 7.8GW and 3.9GW of total capacity from 2019 to 2034.

Offshore wind market:

 

  • Offshore wind capacity is expected to reach 8GW by 2030, where 84% of total capacity is expected to be installed after 2023.

Reason:

a. For near-term offshore wind projects, many complex permitting is not well addressed at the moment. Many projects are suffering from community acceptance issues.

b. The lack of clarity RPS mechanism can put some of offshore wind projects’ financing at the delay.

Onshore wind market:

 

Med to Low wind speeds: most of sites <7.5m/s avg wind speeds (class III)

South Korea is still pending on large number of projects by 2023:

REC and SMP Price: