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It has been stated that by 2030, South Korea will have increased their capacity for wind power from 124 MW to 12 GW. According to official statements, offshore wind turbines will provide most of this wind energy. In order to determine the costs for an offshore wind energy production site, an economic analysis was performed in Incheon, South Korea, and the levelized cost of energy (LCoE) value was calculated at 129.97 USD per MWh, and the net present value and the internal rate of return were also calculated. Various scenarios were tested, and it was proven that minimum or no governmental support can lead to economically problematic projects. Is zero subsidy the future of the offshore wind industry?

Is Zero Subsidy in Fixed-Bottom Offshore Wind Farms Feasible? The Case of Incheon, South Korea