Ulsan Chamber of Commerce and Industry, Ulsan Technopark, Ulsan Floating Offshore Wind Power Association, Ulsan Metropolitan City: “Agreed to closely cooperate to make Ulsan the center of the domestic offshore wind power industry ecosystem” First disclosure of the socioeconomic ripple effects of Ulsan floating offshore wind power… Estimated to induce domestic production worth 65.2 trillion KRW, added value worth 27.6 trillion KRW, and employment for approximately 272,000 people

[June 13, 2024] The ‘2024 Ulsan Floating Offshore Wind Power Forum,’ hosted by the Ulsan Chamber of Commerce and Industry and Ulsan Technopark, organized by the Ulsan Floating Offshore Wind Power Association (Ulsan Offshore), and sponsored by Ulsan Metropolitan City, concluded successfully.
Held on the 13th at the Ulsan Exhibition and Convention Center (UECO), the forum was organized to explore administrative and technical developments and industrial cultivation of floating offshore wind power, which is emerging as a sustainable energy source and a practical solution for carbon neutrality. It also aimed to discuss job creation and regional economic revitalization through the establishment of floating offshore wind power complexes in Ulsan. Approximately 300 participants attended, including members of the Ulsan Chamber of Commerce and Industry, economic-related organizations, private investment developers, relevant supply chain companies, and local residents.
The forum commenced with opening remarks from Yoon-Chul Lee, Chairman of the Ulsan Chamber of Commerce and Industry, and a congratulatory speech from Du-Gyeom Kim, Mayor of Ulsan, followed by four sessions and a final panel discussion. In his congratulatory speech, Mayor Kim stated, “…”
In the first session, five private investment developers promoting floating offshore wind power off the coast of Ulsan presented their ‘Project Progress and Outlook for Floating Offshore Wind Power.’ The presentations included ▲an introduction and project status (Korean Floating Wind Power) ▲suitability of Ulsan for offshore wind power development (Haeuli Offshore Wind Power) ▲the necessity and benefits of offshore wind power (Bada Energy) ▲an overview and advantages of floating offshore wind power (Munmu Wind) ▲the current status of floating offshore wind power in Europe and the world (Equinor). These presentations emphasized the need for floating offshore wind power development and Ulsan’s suitability as an optimal location for large-scale offshore wind power. According to the ‘2024 Global Wind Report’ recently published by the Global Wind Energy Council (GWEC), South Korea’s offshore wind power potential, including both fixed and floating types, is estimated at 624GW.
The subsequent sessions featured presentations on the socioeconomic impact of Ulsan floating offshore wind power and solutions for power grid connection, with some data revealed for the first time during the forum. Samjong KPMG, who conducted the ‘Socioeconomic Impact Assessment of Ulsan Floating Offshore Wind Power,’ stated, “Ulsan’s floating offshore wind power can respond to local power demand and meet the renewable energy goals of RE100 member companies based on the stable supply chain of Ulsan New Port and the hinterland industrial complex. The socioeconomic ripple effects, defined as the impact on the entire domestic industry due to the occurrence of final demand (investment costs), are expected to generate 65.2475 trillion KRW in domestic production, 27.6019 trillion KRW in added value, and 272,811 jobs throughout the project period from 2019 to 2059.”
Next, Korea Electric Power Corporation's Busan-Ulsan Regional Headquarters presented on the 'Offshore Wind Power Grid Connection Plan,' explaining that the deep waters off the east coast of Ulsan and the southeastern region are suitable for floating wind turbines. The 6GW class floating offshore wind power complex in Ulsan can connect to the onshore grid via 345kV class connections through the Namulsan Sinnon and Dongulsan substations.
The presentation by the Korea Research Institute of Ships and Ocean Engineering on ‘Comprehensive Support Plans for Floating Offshore Wind Power Complex Development’ highlighted the role of the Floating Offshore Wind Power Complex Technology Center (FOTEC) in creating a comprehensive support complex for floating offshore wind power. They emphasized the necessity of collaboration among relevant institutions for technology development, including site-specific data-based systems, components, and equipment.
The final panel discussion, chaired by Professor Jong-Bae Kim of Ulsan University, focused on ‘Preparing for Ulsan Floating Offshore Wind Power: What and How.’ Panelists included Deok-Hwan Choi, Director of the Korea Wind Energy Industry Association, Seung-Moon Lee, a researcher at the Korea Energy Economics Institute, Jin-Sung Son, Senior Engineer at HD Hyundai Heavy Industries, Sang-Rae Lee, Team Leader at the Korean Register of Shipping, and Si-Hwan Oh, President of Ulsan Fisheries Cooperative. They shared various opinions on contributing to regional economic development through technology development and industrial cultivation of floating offshore wind power and agreed on the need for governmental policies to support the development and distribution of the economically valuable offshore wind power ecosystem.
Yoon-Chul Lee, Chairman of the Ulsan Chamber of Commerce and Industry, who co-hosted the event, stated, “…"
Jang-Ho Park, Head of the Korean Floating Wind Power Project and Chairman of the Ulsan Floating Offshore Wind Power Association, said, “This forum was a meaningful event that explored ways to promote the distribution of offshore wind power, which has emerged as a practical alternative for global carbon neutrality, and create jobs to revive the stagnant regional economy. We will integrate the various suggestions discussed at the forum into the Ulsan floating offshore wind power project to ensure the project gets on track. Through this, we aim to make Ulsan the center of the domestic offshore wind power industry ecosystem by closely cooperating with Ulsan City, relevant institutions, and the local community.”
Meanwhile, the Ulsan floating offshore wind power project, promoted in the exclusive economic zone off the coast of Ulsan, is being pursued on a scale of approximately 6GW, and upon completion, it is expected to become the world's largest floating offshore wind power complex. The Ulsan Offshore, launched in April last year to facilitate smoother project promotion and regional development, comprises five developers: △Korean Floating Wind Power∙East Blue Power (Ocean Winds∙Mainstream Renewable Power) △Firefly Energy (Equinor) △Haeuli Offshore Wind Power 1, 2, 3 (CIP/COP) △Gray Whale Offshore Wind Power 1, 2, 3 (Corio Generation, TotalEnergies, SK ecoplant) △Munmu Wind.