Floating offshore wind is seen as a game-changing technology that could reshape the renewable energy market. Unlike fixed-bottom turbines, which must be anchored into shallow coastal seabeds at depths of around 50 meters, floating units need only a cable connection and can generate electricity far out at sea. In South Korea, sites suitable for fixed-bottom projects are concentrated in the southwest, but floating turbines can be deployed off the east, south and west coasts alike, multiplying the country's wind power potential.
Joo Young-kyu, CEO of Munmu Baram, said in an interview with The Seoul Economic Daily on the 16th that "the biggest competitive edge of floating offshore wind is the high quality of the wind and the unlimited siting options." Sea winds generally blow more steadily and strongly the farther they are from land, giving floating projects an advantage in producing large volumes of power reliably. Average annual wind speeds off Ulsan, where the Munmu Baram project is being developed, exceed 8 meters per second, better than the 6 to 7 meters per second recorded in the southwestern seas. Floating projects also draw fewer complaints about spoiled views and noise, making them relatively easier for local residents to accept. The Munmu Baram project is a 750-megawatt floating offshore wind development about 65 kilometers east of Ulsan, targeted for completion in October 2032.
Joo said that combining this with the engineering strength of Korea's shipbuilding equipment industry could put the country ahead in the offshore wind market. "Ulsan's shipbuilding and offshore plant infrastructure is the best in the world," he said. "The value chain, from building the floating structures to maintenance and vessel operations, is already complete." Unlike fixed-bottom installations, which consist of a simple substructure and tower, floating designs must keep turbines weighing hundreds of tons afloat, a far more demanding technical task — one that Joo said Ulsan's shipbuilding and steel ecosystem is fully capable of delivering. "Power demand in Ulsan's industrial complexes is substantial," he said. "If clean energy is consumed locally, the cost of building out the grid is also optimized."
The fact that floating offshore wind remains in its infancy worldwide is another factor to consider. "China has considerable price competitiveness in fixed-bottom offshore wind equipment and solar panels," Joo said. "By contrast, floating substructures and mooring systems require advanced technology, and Korean shipbuilders still hold a comparative advantage there." Moving quickly to secure floating offshore wind technology, he said, could create a new export business.
To that end, there are calls for bold government-level investment in the large-scale floating offshore wind projects under way in Korea. "A track record on large domestic projects is essential to entering the global market," Joo said. "Active seed funding from state-run financial institutions is desperately needed." He also advised that the government invest ahead of demand in the port infrastructure needed for assembling and launching equipment, as well as in the power grid.
Joo added that "because fixed-bottom and floating projects differ in their technical conditions and cost structures, the government needs to offer a separate auction market and realistic bid prices." He said that "if large-scale complexes off Ulsan succeed, Korea can establish itself as the offshore wind hub of the Asia-Pacific."
