659
1 INTRODUCTION
The costs of electricity production are a significant
factor, being different depending on the applied and
construction technology, as well as operational
expenses for each power generation plant design. In
the last 15 years, costs for renewable energy
technologies have dropped considerably, due to
technological innovations such as the use of cheaper
and more efficient materials. These led to the
reduction of the amount of materials used, to more
efficient production processes, to an improvement in
the production of system components [1].
In another order, hydrogen-based energy
production comes to balance the fluctuating supply
from renewable sources and the energy mix becomes
more and more important in the future.
Mixed power generation in the Black Sea region is
among the biggest carbon consumers in Europe. Some
renewable energy sources (wind energy, wave energy,
solar energy) can help reduce the region's dependence
on fossil fuel-based energy generation. At the same
Energy Production and Economic Impact in the Black
Sea Blue Economy
F.V. Panaitescu
1
, M. Panaitescu
1
, I. Voicu
1
, S. Nedkova
2
& F.A. Vasilica
3
1
Constanta Maritime University, Constanta, Romania
2
Prof. Dr. Assen Zlatarov University, Burgas, Bulgaria
3
Politehnica University of Bucharest, Bucharest, Romania
ABSTRACT: The generation of energy production obtained with the help of renewable resources contributes to
the reduction of carbon emissions and to the consolidation of energy security in the area, as well as to the
development of the necessary infrastructure for socio-economic development in the coastal and offshore area.
The objectives of paper are specific to a certain location in the Black Sea, namely: obtaining wind energy
production using an efficient design of a pilot floating system, using a wind dataset for optimized design
floating system, calculation of the levelized cost of electricity for wind energy (LCOE) and impact with market
value of wind energy production in the Black Sea Blue economy. The methods used are: the Froude scaling
methodology was used for design of pilot floating system, metocean analytics for obtained metocean data
(wind, waves, currents), monitoring the state of pilot floating system components using Digital Twin
Technology (DT), economic modeling of technology-specific LCOE of renewable technologies (Specific
Investment Cost-CAPEX, Operating Cost-OPEX) in comparison with respect to the current level of LCOE at
local conditions in the Black Sea and PESTEL analysis (Political, Economic, Social, Technological,
Environmental and Legal impact).The final data obtained for the achievement of the proposed objectives are
results obtained during the implementation of the BLOW project: an optimized design for the study location
with reduced costs for operation and maintenance, optimized parameters using metocean data, societal,
environmental and economic impact assessment with barriers and obstacles. The conclusion is that globally, the
development of a floating offshore wind energy market is emerging rapidly as experience and knowledge is
gained from pilot projects.
http://www.transnav.eu
the International Journal
on Marine Navigation
and Safety of Sea Transportation
Volume 19
Number 2
June 2025
DOI: 10.12716/1001.19.02.37
660
time, they can contribute to regional energy security
and strengthen the infrastructure necessary for the
socio-economic development of coastal areas.
Simultaneously with the capitalization of these energy
potentials, the potential of adjacent energy production
with low carbon emissions can be capitalized [2,
3,4,5].
In recent years, installations for the production of
electricity from wind sources have spread in all the
countries of the world involved in the development of
the projects aimed at production of electricity from
renewable sources. Between the years 1997 and 2004,
the world power production capacity of the CEE a
increased by 26.1%. By developing technology and
moving from onshore wind power plants (CEE) to
the offshore ones, the energy produced by the latter
has become the main source of worldwide interest in
the development of renewable sources [6].
Energy transformation and supply it involves both
technical and economic efforts. The costs of electricity
production are a significant cost factor, varying with
technology and according to construction and
operational expenses of each electricity production
facility [7,8].
In the Black Sea, an experimental floating wind
farm with a capacity of 5 MW can be implemented
and developed (Black Sea fLoating Offshore Wind,
BLOW project) [9,10]. It can constitute an open-access
test platform for future offshore wind pilots floating
in the Black Sea. The industrial feasibility of floating
wind turbines required for mass industrialization
must be compatible with local production capabilities
and provide a pathway to mass industrialization.
To integrate a floating wind turbine pilot system
and, subsequently, to establish a floating wind farm,
in the context of industrial clusters in region, a close
collaboration with local partners must be created and
carry out an analysis to identify the existing barriers
and obstacles (technical, economic, financial,
institutional, social, cultural, etc.) in order to
implement floating wind systems in Black Sea. At the
same time, a weighted ranking and evaluation of the
barriers will be made and the legal recommendations
regarding their removal will be scored. For the first
time, the strong growth of wind and solar energy has
determined the share of renewable sources in the
global mix of electricity over 30%. More than 102
countries have generated 30% more energy from
renewable resources. Currently, 39.4% of global
electricity now comes from low-carbon sources. [11,
12, 13, 14].
Offshore wind is currently one of the most cost-
efficient, clean and scalable power sources. There are
more publications confirming the potential of floating
wind in Black Sea for EU member states. An estimated
total potential natural capacity of 94 GW for
Romania’s offshore wind sector, out of which 75%
would be floating wind [15]. The offshore wind
potential in the north of the Bulgarian Black Sea coast
would be more than 116 GW. In the Shabla region
alone, capacities of at least 6 GW can be built in a few
years [16, 17]. ). Floating offshore has a lot of potential
at the pan European level, but it is also a very
promising source for EU member states. Beyond the
usual high wind speed markets (UK, Japan, Norway,
France, etc), low to medium markets similar to the
Black Sea are notably South Korea with huge
ambitions (the Korean government’s target of 12GW
of offshore wind by 2030.
Floating Offshore Wind Turbines (FOWT) can help
reduce the region’s reliance on fossil fuel-based power
generation, contribute to regional energy security and
drive infrastructure reinforcement for the socio-
economic development of coastal areas, as well as
the potential of adjacent low-carbon production, such
as renewable hydrogen. Indeed, the technical
potential for offshore wind estimated in the Black Sea
is 166 GW, and about its half is located in Romania
and Bulgaria, where the floating offshore potential
represents 78% of the technical market [18].
In the following chapters, the manuscript relates to
a significant and timely topic with potential
contributions to the field. The authors explore the
potential of offshore floating wind energy in the Black
Sea region, emphasizing its role in reducing carbon
emissions, enhancing energy security, and fostering
socio-economic development. In the content it is
proposed an optimized design for a pilot floating
wind system tailored to the region's wind conditions
and discusses its economic implications within the
blue economy framework. The originality and novelty
of the work consists in the fact that the regional focus
(Black Sea) is new and, unfortunately, underexplored
in the literature. Furthermore, the idea of combining
energy production with economic development under
the umbrella of the Blue Economy is relevant and
aligned with EU policy objectives.
2 METHOD AND RESEARCH
In this paper we propose for study some points to
obtain wind energy production with a pilot floating
system, the efficient design of floating system, a cost-
effective floating unit design optimized for a wind
dataset obtained with metocean analysis [4,19],
environmental impact assessment, impact on LCOE
(the levelized cost of electricity)[1], economic impact
(market value of floating offshore wind power with a
specific focus on the Black Sea Blue economy), societal
impact and contribution towards carbon neutrality &
energy security [20].
2.1 The location of study
The location of study is near Varna, Bulgaria (Fig. 1)
[1,4].
Figure 1. Location of study [1,4]
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The proposal for installation of pilot floating
system is in according with marine administration
(Fig. 2)[21].
Figure 2. Location of general assembly [21]
Wind system location established 21,5m height
from sea level on the platform Galata (Fig. 3)[9,10].
Figure 3. Location of wind system [9,10]
Waves and currents monitoring system will be
mounted attached to one leg of the platform Galata, in
the exterior, take account the main currents/waves
direction.
Data are collected for all months of the one year on
Galata (2023-2024). The collected data were compared
with data from ERA5, Galata platform, EuxRo01,
EuxRo03 and CG Meteo sensors.
For location point of study the statistic was
computed [22,23]. The statistical analysis period is
2007-2022, and the analyzed distributions are: wind
and wave distribution rose for significant wind speed
and significant wave height at point of study, the
wind speed field, monthly joint probability
distribution of significant wave height and wave
spectral peak period at point of study, etc [23,24].
2.2 Key Technical Considerations for Wind Energy Capture
In order to obtain an effective design of the pilot
floating system, the following aspects must be taken
into account:
− development of a disruptive and cost-effective
floating unit design optimized for low and
medium speed areas;
− advanced operation, control and maintenance
through digitalization (the state of the pilot system
components will be monitored through a Digital
Twin Technology, DT) (Figure 4)[25, 26, 27]
Figure 4. DT of a wind turbine [27]
− industrial feasibility of floating wind system for
mass industrialization compatible with local
production capabilities. The main objective is to
achieve a higher Annual Energy Production (AEP)
than a higher rated power to increase the market
value. The pilot system will target a specific power
of around 300 W/m², which is well suited for low
to medium offshore wind speeds, but is also
compatible with high wind speed locations. Local
mass industrialization for production will be
assessed and designed, including the possibility of
automation, onshore assembly and offshore
deployment. The reduction of LCOE-Levelized
Cost of energy (targeting a value of up to 50
EUR/MWh by 2030), and an automated and
optimized production process is considered.
The methods used are: the Froude scaling
methodology was used for design of pilot floating
system, metocean analytics for obtained metocean
data (wind, waves, currents), monitoring the state of
pilot floating system components using Digital Twin
Technology (DT), economic modeling of technology-
specific LCOE of renewable technologies (Specific
Investment Cost-CAPEX, Operating Cost-OPEX) in
comparison with respect to the current level of LCOE
at local conditions in the Black Sea and PESTEL
analysis (Political, Economic, Social, Technological,
Environmental and Legal impact).
2.3 Design of pilot floating system
Regarding the design of pilot floating system, the
Froude scaling methodology was used, which
guarantees that the dynamic behaviour of the floating
wind system is well represented, assuming that the
wave height and wind speed are also properly scaled.
This prototype will be made on a scale to
experimentally with stand the wind conditions
specific to the study site [4, 24]. Consequently, the
technical feasibility for the desired installed power
can be assessed. Such pilot projects are mentioned in
the specialized literature [28, 29, 30].
We propose for the pilot floating system a design
adapted to low and medium wind speeds (we use the
information of wind speed from ERA5 data from 1996
to 2022, corrected to compute 6.5m/s over the
GALATA area at 100m), using a 140m diameter rotor,
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aiming for a power density of 300 W/m²(Fig.6)[21].
Figure 6. The pilot floating system design [21]
The pilot system will be equipped with advanced
controllers that control and increase energy
production by reducing the load on the floating wind
system and extending its life (up to 30 years). In order
to improve the reliability of the system, a grid
formation controller is also considered, which allows
the wind system to operate in the island system,
making it responsible for the grid creation.
The pilot system proposed for analysis aims at a
lighter structure (approx. 30%), with 10% additional
energy generated by the longer blades due to the
specific shape recommended by the specialized
literature [21]. The goal is to reduce CAPEX (Capital
expenditures), while targeting a 300 W/m² turbine
design optimized for low and medium wind speed
areas. For these purposes, the LCOE must be
calculated.
2.4 Calculation of the levelized cost of electricity for wind
energy
As a result, from a technical point of view, an exact
calculation of the levelized cost of electricity for wind
energy (LCOE) is required (in a realistic scenario for
2030 the LCOE for fixed offshore wind power in the
Romanian region of the Black sea will be €71/MWh,
while for the later development of floating offshore
wind the LCOE would be €94/MWh; the LCOE in
2045 is projected to be between 5.0 and 8.3
€cents/kWh;), which involves certain commercial
steps [1]:
− first of all, the design of a credible and robust
design of a floating wind system according to the
statistical data of the wind and wave velocity
fields;
− in assembly line and heavy logistics processes,
feasibility and optimization from a mass
production perspective will be ensured;
− infrastructures will be specified (cranes, automated
welding, etc.).
The LCOE of renewable energy systems will be
significantly lower than the operating costs of
conventional power systems. LCOE for offshore wind
turbines in comparison with LCOE for onshore
turbines are much lower, with a decreasing trend
until 2045, from 10.2 to 5.5 €cents/kWh, depending on
location and wind speed distribution.
In our study LCOE is calculated by comparison all
costs incurred during the lifetime of the power plant
for construction and operation and the total amount
of energy generated. For the calculation of the LCOE
for a pilot floating system, the following applies [31]:
LCOE = (Sum of costs over lifetime)/(sum of
electricity produced over lifetime), (1)
In literature LCOE [ EUR/kWh] depends on :
Io - investment expenditure [EUR];
At -annual total cost[ EUR/per year, t];
Mt,el - produced amount of electricity[kWh/per year,t];
real interest rate [%];
n- economic lifetime [years];
t- year of lifetime (1, 2, ...n).
The total annual costs are composed of fixed and
variable costs for the operation of the power plant,
maintenance, servicing, repairs and insurance
payments. That means the total annual costs At is
At = fixed operating costs + variable operating costs (+
residual value/ disposal of the power plant) (2)
Formula which generates LCOE is:
LCOE = (CAPEX+OPEX)/yield. (3)
where:
CAPEX: capital expenditure;these expenses assume
the total investment for the purchase of components
necessary for the installation of the pilot floating
system (includes all investments, as well as those
allocated for the labor force responsible for installing
the system);
OPEX: operating expenses; this amount refers to the
expenses necessary for the maintenance of the floating
pilot plant ( includes all taxes, operating and
maintenance costs of the pilot floating system).
Yield;this variable refers to the energy output
harvested by the system during its use.
The cost of electricity production sums up the
following values:
− capital and investment costs: sums up losses from
interest on borrowed capital and loss of income
from equity capital;
− purchase and installation costs: figures the total
expenses incurred for the purchase of parts,
components and for their actual installation;
− operating costs: totals the expenses required in the
maintenance, repair, cleaning and periodic control
of the electricity generation system;
− fuel costs: where applicable, fuel procurement
costs (such as fossil fuels or fuel rods) are also
added.
For our pilot floating system the CAPEX are total
costs for: development, wind turbine delivered to
shipyard, substructure, turbine - substructure
assembly (onshore), station keeping system, cabling
system, transport & installation, contingency (10%)
(Table 1). OPEX was calculated [33].
Wind and wave conditions, tidal ranges and tidal
flows also impact LCOE. Higher mean wind speeds
increase cost but have a net benefit for LCOE due to
increased energy production.
A major impact on LCOE is the development of
technology in the design and manufacture of floating
substructures. This cost element is specific to the
offshore floating pilot wind system and represents a
very large proportion of the CAPEX.
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Table 1. CAPEX details
Item group
Cost (k€)
Development
60
300
474
650
900
158
307
278
120
400
Wind turbine
delivered to
shipyard
1.400
93
235
570
300
Substructure
8.503
1.400
Turbine -
substructure
assembly (onshore)
3.164
Station keeping
system
2.130
1.000
Cabling system
4.840
Transport &
installation
63
1.160
955
998
5.150
150
400
36.158
Contingency
3.616
39.774
OPEX:
A= 71000
GPB/MW/year
Inflation 2%
Total
OPEX=415350€/year
where
OPEX=A*1,17*5
2.5 Impact assessments
A PESTEL (Political, Economic, Social, Technological,
Environmental and Legal) analysis for the project is
carried out. The PESTEL analysis which is a
conventional tool has been performed to determine
the existing risk on the pilot floating system.
Political barriers: there are no critical expected
barriers regarding political issues. Conversely, the EU
is pushing forward to ensure the proper penetration
of Renewable Energy. However, there is the need to
get agreements on international waters, and how it
may be an advantage for floating offshore wind.
Economic barriers: the low cost of fossil-based
power generation, which may slow down the need for
renewable energy integration and its investments.
Eexisting market rules and technical regulations were
made to accommodate conventional generating
technologies.
Social barriers: the social acceptance and the visual
impact.
Technological barriers: innovative technological
developments - the “Innovation Death Valley”; and
making the technology cost-competitive [9].
Environmental barriers: impact of mooring lines
and power cables on marine mammals and fish, the
potential impact of materials on sea-life in general.
Legal barriers: the regulation and ownership of
shared waters, cross-border interconnections, and
different normative and regulations, a high number of
different regulatory authorities involved and complex
regulatory procedures.
2.5.1 Environmental and societal impact assessment
Local environmental impacts must be studied after
collecting the data [4,24,29]. For wind data (wind
distribution rose, wind speed extreme, monthly mean
vertical profile of wind speed) was used special
equipment (WindCube, Vaisala, sensors) and for
waves and currents was used a Doppler velocimetry
(SeaGuard II, Andeera). Wind data collected from
different sources was processed later with metocean
methodology [4, 24]. In order to ensure an efficient
design of the floating wind system, a statistical wind
analysis must be done [4,6,12,14,17].
The installation of a pilot floating wind system in
the study location involves analysing the types of
barriers with an impact on the environment that can
be done with the PESTEL analysis (Political,
Economic, Social, Technological, Environmental and
Legal)[23], which is a conventional tool has been
performed to determine the existing risks. This
floating pilot system greatly contributes to the
increased sustainability of renewable energy and
renewable fuel value chains, taking full account of
social, economic and environmental aspects in line
with the European Green Deal priorities. The most
direct impact is related to unlocking the potential of
offshore floating wind energy in the Black Sea. The
goal is to increase the renewable energy sector in
order to decarbonize (the Black Sea region is among
the largest carbon consumers in Europe (between 300
and 450 gCO2eq/kWh). The carbon impact of a
floating offshore wind project (avoided CO2
664
emissions) is about 10 times higher in Bulgaria or
Turkey, than France or Norway [17,28,32]. Another
concrete impact in the short-term is pilot system
potential contribution to the development of carbon
capture and storage in Bulgaria. Pre-feasibility studies
are currently being carried out for the exploitation of
the Galata gas field as a carbon storage option.
Partnerships have already been started for the
exploitation of the Galata deposit, whose storage
capacity is estimated at 10-20 Mt of CO2. Other saline
aquifers in the area offer much greater potential,
making the region an excellent candidate for CO2
storage not only from large emitters in Bulgaria, but
also potentially from emitters in neighbouring
countries. Another major societal impact of installing
such a pilot system would be its contribution to
energy security around the Black Sea. Indeed, the
energy transition in the region would reduce
dependence on foreign imports.
The location of a pilot floating wind system and
the prospective development of a floating wind farm
in this area can contribute to reducing air pollution in
the long term, thus improving health conditions. This
problem is paramount in countries such as Bulgaria
and Romania, which belong to the most polluted
countries in Europe. This is mainly due to coal-fired
power plants and domestic burning of solid fuels for
heating. Floating offshore wind systems can also
contribute to coastal protection by creating nature
recovery sanctuaries; the wind farm areas can be
protected from any fishing activity. At the same time,
this floating offshore system can contribute to the
extensive monitoring of the environment thanks to the
on board sensors. It also contributes strongly to the
development of aquaculture in the area.
2.5.2 Economic impact and market value of floating wind
potential focus on the Black Sea Blue Economy
The offshore wind market is huge. An increase of
more than 235 GW of new offshore wind capacity is
expected to be added over the next decade, bringing
total offshore wind capacity to 270 GW by 2030.
Floating offshore wind systems contribute to this
growth, being a sizable, homogeneous emerging
global market (€78 billion CAPEX expected in 2035)
with very strong growth potential over the coming
decades. Global installed capacity is expected to reach
7-10 GW by 2030 and 70 GW by 2040. Developing
such a project on a cost-effective commercial scale will
drive market trends. The global offshore wind market
continues to mature and shows signs of accelerating
growth in the near future. Europe is expected to lead
the growth of the market, taking advantage of its very
large marine territory. Due to the advancement of
technologies, breakthrough innovations and constant
cost reductions, floating wind power will be
implemented in areas where the technology is not yet
competitive [4, 25] . And this is especially the case in
areas of low to moderate wind speed. This means that
the electric generator, rotor and turbine are optimized
for the wind speeds they are most likely to encounter.
The wind class of each turbine is assigned as I, II or III
based on its rated power density, as specified in the
last column of Table 2.
Table 2. The wind class of turbine
IEC wind
Class
Annual average wind
speed
[m/s]
Power
density
[w/m
2
]
III
<7.5
300-350
II
>8.5
350-450
I
>10
>450
The proposed floating pilot system specifically
targets Class III areas, covering a significant part of
the technical offshore wind potential in two of the
four European sea basins: the Mediterranean and the
Black Sea [32]. In the Black Sea area, the average wind
speed in the areas of interest varies from 7 to 8 m/s,
and the World Bank study (March 2020) states a huge
technical potential for floating offshore wind of 166
GW; of which 54 GW are in Romania and 24 GW in
Bulgaria.
This pilot floating system is a source of job creation
and local content. There are studies that show that
1GW/year (80 turbines) generates about 10,000 jobs
[34]. Our estimate is slightly lower, leading to 5000
Full Time Equivalent (FTE) +/-50%. Our hypothesis
considers:
− CAPEX target 2M€/MW, grid-connection to the
shore included;
− 40% of local content, and even 60% if turbines are
produced locally;
− 20 to 40% of the Investments are driven to wages
with 80k€/y/FTE including running costs and State
taxes. This is considering the labor cost in Western
Europe, which is much higher than in Eastern
Europe and in the countries around the Black Sea,
where the local impact can be much higher
(increase of the working conditions and/or broader
impact through the creation of local value, e.g., by
contributing to the Blue Economy .
The target is to mitigate infrastructural
investments while keeping some local content.
This pilot floating system and offshore renewables
can contribute to protecting coastal communities,
fauna & flora, and decarbonizing the power system
(societal impact), but can also foster the creation of a
local Blue Economy through five different sectors: Oil
& Gas, Shipping, Aquaculture, Desalination and
Cooling[32, 35, 36].
Oil & Gas operators can provide early market
development opportunities for floating offshore wind
towards full utility-scale farm deployment. Besides,
floating offshore wind deployment can leverage on
existing technical capacities and skills from the
offshore Oil & Gas industry (logistics, maritime
knowledge, financial capacity, legal capacity, etc.),
while Oil & Gas operators can use floating offshore as
a pathway to decarbonize their industry and - in the
medium term - shift their business towards e.g.,
offshore renewable energy production.
Other fields of application in the sectors of the Blue
Economy include: shipping [32, 36], aquaculture,
desalinization, seawater air conditioning
technology[37].
In sector of shipping, the International Maritime
Organization has set as its main objective the
reduction of global emissions from maritime transport
by at least 50% by 2050 [36]. Ships can reduce their
footprint if they are powered by advanced biofuels,
665
renewable hydrogen-based fuels, synthetic fuels or
electric propulsion. Floating offshore wind farms,
combined with existing offshore infrastructure, can
serve to produce hydrogen that can be deployed in
nearby ports or serve directly as offshore charging
stations for ships [32].
In sector of aquaculture, most floating aquaculture
farms are highly dependent on fossil fuels (intensive
carbon consumption), which involved high transport
and maintenance costs [38]. Floating offshore wind
industry can exploit synergies with this sector.
Process of water desalination is a very energy-
intensive process . Seawater air conditioning (SWAC)
is a technology that can provide efficient cooling((an
energy-intensive process expected to triple globally by
2050) [39,40, 41].
3 CONCLUSIONS
This floating offshore wind system can contribute to
the availability of disruptive renewable energy
technologies and systems and renewable fuels in 2050
to accelerate the replacement of fossil-based energy
technologies. This impact is particularly relevant as
electricity generation in the Black Sea region is one of
the biggest carbon consumers in Europe. It can also
contribute to de-risking renewable energy and fuel
technologies towards their commercial exploitation
and net zero greenhouse gas emissions by 2050, and
to reducing costs and improving the efficiency of
renewable energy and renewable fuel technologies
and their value chains by unlocking the potential of
the Black Sea's floating offshore wind.
In addition, the pilot system and offshore
renewables can help protect coastal communities,
fauna and flora and decarbonise the energy system,
but can also encourage the creation of a local blue
economy through five different sectors: oil and gas,
shipping, aquaculture, desalination and cooling [25,
26].
Oil & Gas operators are ideal candidates to help
accelerate the development of floating wind, given the
existing cost of energy offshore (usually over
150€/MWh), as they mainly use diesel generators with
heavy-carbon and cost undertaking.
ACKNOWLEDGEMENTS
Authors gratefully acknowledge to this material support
path received projects Maximizing the renewable energy
hosting capacity of distribution networks (MAREHC),
PNRR 760111 / 23.05.2023, CF 48/14.11.2022 and Black Sea
fLoating Offshore Wind (BLOW), HORIZON-CL5-2021-D3-
03, Ref. 101084323- 19.10.2022 of the Constanta Maritime
University, Romania.
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