Valuing the public preference for offshore wind energy: The case study in South Korea

Offshore wind energy in South Korea has received more attention than other renewable energies with less availability of onshore space and low public acceptance. The South Korean government announced a new policy to enhance offshore wind energy portion, and has been exploring the energy development sites. The current article estimates the willingness to pay (WTP) for offshore wind energy, employing the contingent valuation approach. To this end, a nationwide survey of 1000 respondents was conducted to compute their WTP for the offshore wind energy project. The average WTP was estimated at KRW 3600.0 (USD 3.1) per month per household, and the calculated benefit total was KRW 869.0 billion (USD 744.3 million) per year. These findings can provide a significant standard for discerning the economic evaluation of the offshore wind energy project. Finally, we offer the pertinent policy implication in line with the analysis results.