Fixed-price contract auction
RPS auction · long-term fixed-price contract
In a fixed-price contract auction, renewable developers bid for a government-set volume, and winners lock in a combined power-plus-REC price for the long term.
Winners receive a single 'SMP + 1 REC' price for years. Because income swings less with wholesale and REC prices, projects find it easier to borrow.
The Korea Energy Agency runs the auctions. The first 2026 solar round offered about 1,000 MW with a ceiling of 147.686 won/kWh; the government called it the last round before the RPS overhaul.