Korea Midland Power's recent withdrawal from the bid for the Chuja Island offshore wind power project, touted as the largest of its kind globally, poses significant challenges to Jeju's public-led renewable energy model. The project's consortium was set to be formed under the public-led 2.0 strategy, where Jeju Special Self-Governing Province would identify potential sites collaborating with the Jeju Energy Corporation and private enterprises. However, Midland Power's failure to submit necessary documents for the second evaluation stage resulted in the project's cancellation, as confirmed by the Jeju Energy Corporation's president during a briefing.

The implications of Midland Power's decision are profound, leading to the inevitable need for a total review of the public-led 2.0 wind power initiative. With a projected capacity of 2.37GW, this offshore site would have represented the world’s largest single project, slated to attract substantial investment up to 16 trillion KRW by 2035. The president indicated internal pressures and unfavorable project conditions as reasons for the company’s decision, while concerns over the required annual compensation of 130 billion KRW to local residents may have also played a role.

Additionally, the ongoing disputes regarding maritime jurisdiction between Jeju and surrounding regions, as well as the technical challenges of connecting the projected energy output to Jeju Island, create further obstacles. The previous withdrawal from the bidding process by Equinor, a prominent Norwegian energy firm, underscores the project's difficulties. The Jeju Energy Corporation and Jeju's government face questions about the feasibility of their initial project plans, highlighting the delicate balance between energy aspirations and practical execution in the realm of renewable resources.