Assessment of Offshore Wind Potential and Economic Sustainability Using Levelized Cost of Energy Across Nine Sites in Romania’s Black Sea Exclusive Economic Zone

The purpose of this paper is to present a techno-economic methodology for assessing the economic sustainability of offshore wind energy development within the Romanian exclusive economic zone (EEZ) of the Black Sea. The methodology illustrates nine key cases in this area that are grouped into three classes, each positioned at a greater distance from the Romanian coast and thus generating different environments given the water depth and wind climate. The data used for the analysis came from the ERA5 database and covered a 20-year span. Six types of wind turbines with capacities ranging from 5 to 9.5 MW were considered. In determining the levelized cost of energy (LCOE), the turbine with the highest production was considered, which turned out to be the Seimens Gamesa 8 MW, and for the economic model, the components related to both capital and operating costs were considered. Following the analysis, it was observed that the B2 site presents the best wind resources, also leading to the highest energy production of x. Regarding the LCOE analysis, values between 66.86 EUR/MWh and 87.39 EUR/MWh were obtained if the entire energy production is considered. Following the simulation with losses, the LCOE increases to values between 92.19 EUR/MWh and 121.85 EUR/MWh. Finally, an optimization calculation was also performed for the site with the highest LCOE considering another foundation time, after which the LCOE decreased to approximately 111.09 EUR/MWh, if we refer to energy production with losses. The results contribute to the economic sustainability evaluation of offshore wind projects in the Romanian Black Sea and influence future investment plans, sustainable energy planning, and renewable energy infrastructure development.