Offshore wind capacity of up to 2.5GW could be installed in South Korean waters by 2019, according to a report based on data from the country's Ministry of Knowledge Economy (MKE).
A report by India-based market analyst firm, Kuick Research, has examined South Korea's wind energy market, including its plans to develop substantial offshore generating capacity.
South Korea has a target to achieve 100MW of installed offshore wind capacity next year - and to reach 600MW by 2016 and 2.5GW by 2019. Kuick's report suggests that environmental challenges and investment costs could act as a brake on investment. However, South Korea has a strong incentive to increase its domestic electricity generation, given that it currently imports 90% of its energy.
Collaboration between the UK and South Korean renewable energy associations and between MKE and the UK Department of Business, Innovation and Skills (BIS) should assist South Korea in making rapid progress, says Kuick.
South Korea's offshore wind capacity currently stands at just 5MW, thanks to a demonstration project off the wind-rich island of Jeju. As previously reported by Windpower Offshore, Jeju's semi-autonomous government is prioritising offshore wind development, with a goal of installing 380MW by 2016 and as much as 2GW by 2030.