South Korea's Ministry of Climate, Energy and Environment has reduced the upper limit for solar power contract bids by 5% to 147.686 won per kWh, aiming to cut generation costs and expand renewable energy within the same budget. The move reflects falling solar costs and strong bid demand, with around 1,000 MW up for auction. Incentives for low-carbon solar modules remain in place, with the price premium for top-tier modules rising to 16 won per kWh, widening the gap from lower tiers. The government also plans to phase out the spot REC market and shift to long-term fixed-price contracts, pending a legislative revision expected later this year.
