Feasibility of Offshore Wind Power Plant in the Aegean Sea

The main research question is, “what is the feasibility of investing in an offshore wind power plant in Greece’s the Aegean Sea?” The most crucial consideration is short, medium, and long-term profitability here. An investment opportunity that promises short, medium, and long-term profitability is the most ideal and the most feasible (Nezhad, 2021). However, because this is not always possible, the next best option is to engage in something that will pay off in the short and medium-term. Investing in prospects with uncertain returns potential is not a good idea. As a result of this analysis, the investor will analyze the availability of investment possibilities as well as their desirability based on historical, current, and prospective financial results of several wind farms in the Aegean Sea.

In the context of Kostandis et al. (2014) study, The wind statistics, the best site for installing wind turbines outside of environmental areas, the kind of wind turbines, the losses due to wind rotor interactions, and the aesthetic effect on the research locations are all examined. Furthermore, for techno-economic assessments of offshore wind farms, credible costing models are employed and implemented, which are widely acknowledged (Bertsiou et al., 2018). Following that, investment standards are used to assess the project’s feasibility (Brown & Foley, 2015). This implies that precise economic indicators are calculated to determine whether or not the investment may be realized. In summary, based on the result of this research, it is highlighted that there is substantial wind energy capacity in the Greek islands, particularly on the island of Limnos, at low levels and relatively short ranges from the shore. These criteria are required for the establishment of offshore wind turbines in these regions.

Wind energy is mainly used to generate power in Northern European nations with shallow oceans. The Zountouridou et al. (2015) article investigates the viability of offshore wind farms in open waters, such as the Aegean Sea, and the conditions under which they can be installed. Although technology has advanced to the point where the offshore wind sector can boast a number of ground-breaking projects, there are still a number of intriguing topics that need to be investigated, such as the extremely high costs of fixed-bottom tidal power infrastructure in deep waters, which limit the deployment of offshore wind parks to shallow seas (Papalexandrou, 2021). Exploiting the extensive wind resource at deeper sea depths is critical for the tidal power sector’s growth, which necessitates the use of floating wind generators.

There has been a surge in interest in available renewable energy technologies in recent decades, particularly for meeting the electrical demands of non-connected islands. Wave energy is one of the newer renewables that has the ability to make a substantial contribution to a more sustainable society (Brons-Illing, 2015). Based on the findings of Kaldellis et al. (2017) study, wave energy possibilities and the potential deployment of novel marine technology might be promoted, supplying clean electrical energy to distant island populations in the Aegean Sea at a fair cost. In this respect, current federal law on wind energy parks has been applied for the objectives of the current research (Tatam, 2022). There are various elements that influence the selection of the best location for a wave energy farm while designing and constructing it.

The primary goal of Soursou’s (2017) research is to look at the viability of constructing a wind energy farm in Greece. In the search for renewable energy, wind power is a viable option. In order to analyze the obstacles to entry, historical and market data, market analysis, and its features were taken into account. A thorough examination of wind technology, as well as all new trends and companies, is presented (Depellegrin et al., 2019). Following the begins with a literature assessment, this thesis focuses on the primary goal, the offshore wind farm, and examines all relevant sectors. Aside from the scientific and technological aspects, the thesis concludes with a financial statement analysis that was carried out for this purpose; to favor or not support the investments in Greece.

In Soukissian et al. (2017) study, Protracted wind information from the elevated loss may result in models is used to analyze offshore wind energy prospective in the Aegean and Ionian Seas, as well as give wind environment and wind energy prospective features at chosen areas where wind turbines are still in the conceptual phase. Wind energy position and velocity at 10 m above sea level are quantitatively examined on a seasonal and annual time scale after guaranteeing the excellent performance of the models through rigorous verification against buoy readings (Soukissian et al., 2017). The yearly average and inter-annual variations, as well as the spatial distributions of median wind speed, are presented in the relevant time periods (Soukissian et al., 2019). These quantitative variables are essential in the offshore wind power industry for the preliminary selection of suitable areas for offshore wind power utilization (Satir et al., 2018). Finally, the leading wind climatic and wind power density parameters are supplied for seven offshore wind turbines that are in the planned stages.

Greece’s efforts to harness its undeveloped offshore wind resources have previously failed, but increased investor enthusiasm and the administration’s determination to establish a robust regulatory regime have boosted its chances. Greece has pursued a variety of methods for the construction of offshore wind farms since 2006 (ENERGYPRESS, 2021). A transparent national legal regime that overall market strategic planning, license fees, grid connectedness, and financial support issues is also required for tidal power technologies to deliver its vast potential in the government’s power production mix, aside from precise technical hurdles and international affairs government policies.

The evaluation of the financial viability of floating offshore wind turbines (FOWFs) is critical to the future development of this challenging innovation in the renewable power sector. In Maienza et al. (2022) study, the FOWF lifecycle concept and the right things for the proper analysis are implemented in a geospatial data system with the goal of conducting a feasibility study at the territory scale for various types of floaters. A simple model for a rapid life cycle cost evaluation is presented and calibrated as well (Maienza et al., 2022). The technique and results described here are intended to be used as a tool for assessing the economic feasibility of installing FOWFs at an early point in the judgment process.

The Dalton et al. (2019) study provides a revolutionary technique for narrowing down the numerous competing Blue Growth, MUS, and MUP concept ideas to a small number of feasible concepts that have put out substantial effort to develop a strong business case. The study then provided the findings of three case studies, each of which effectively accessed detailed financial information with authorization to release the results and reported the findings using a set of standardized indicators allowing for more straightforward project comparability (Dykes et al., 2021). The three scenarios given focused on tidal power, coastal wind energy, farming, and purification, all of which are Blue Growth areas (Dalton et al., 2019). It is worth noting that all of the case study management theories are aimed at a relatively small niche market (Velenturf, 2021). The findings suggest that financial assistance for MUP and maritime renewable sources should first focus on limited market technological cases, with the goal of obtaining economy of scale and disposal costs similar to wind energy in the future.

Sakka et al. (2020) feasibility analysis on mid-size wind energy in Greece is provided with two criteria for evaluating the profitability of the relevant expenditure, notably present value and rate of return, taking into account. Actual wind velocity data is gathered from 285 meteorological stations around the country, with a time span ranging from one to twelve years (Sakka et al., 2020). Over an average lifespan of twenty years, the expenses of installation, operation, and financing are accounted explicitly for (Mathioulakis & Papalexandrou, 2020). The wind capability maintains the controlling element impacting the financial sustainability of the wind park, remarkably the mandated retail price for clean electricity supply, the accessibility of many locations to harbors, and the reasonably consistent cost of investment (Karystianos et al., 2021). As a result, the Aegean islands, the south-central continental shoreline, east Peloponnese, and south Attica are the most suitable places (Kaldellis & Kapsali, 2013). Given the current cost price, wind farm technology, and capital investment, most other locations on the greek Mainland are either financially sustainable or create a net loss.

For national energy policy, maritime spatial planning, and protection of the environment, choosing a location for offshore wind turbines is a critical task. The goal of Tercan et al. (2020) research was to provide an integrated technique for evaluating the placement of underside offshore wind turbines in two nations. In the Turkish area, the analysis indicates that 519 km2 (10.23%) of the research area is appropriate for offshore wind turbines, whereas only 289 km2 (3.22%) of the research region is eligible in the Greek geographical area (Tercan et al., 2020). This spatial appropriateness research might help provide some helpful suggestions for regional maritime planning and design, as well as an initial evaluation of future offshore wind turbines in both nations.

The incorporation of coast and island landscapes in the Greek spatial master plan is the subject of this research. The Tsilimigkas et al. (2018) case study location is the South Aegean region, where wind turbine growth is one of the primary drivers of landscapes. The methodology used is primarily statistical and is focused on spatial interpolation (Muguerra & Cardilli, 2021). This research also shows how to identify zones with different effects on the landscape (Genç et al., 2021). It also appears that Greece’s spatially planning encourages an ad hoc project-led strategy for coastline and island land use planning rather than a plan-based strategy.

The Vagiona and Kamilakis (2018) research project develops and maintains an integrated system for evaluating and prioritizing potential locations for regional offshore wind-farm construction. The methodological approach combines the use of geomatics (GIS). It crosses judgment techniques, namely the hierarchical analytical process (AHP) and methodology for order personal taste by commonality to the perfect solution, with the software of many siting metrics suggested whether by the domestic legislation or the worldwide writings, with the cumulative use of geographic information system and cross decision methodologies, such as the analytic hierarchy process and procedure for arranging predilection by similarity to excellent workaround. The overall social technique comprises a judgment call mechanism for regional renewable power planning (Katopodis et al., 2021). The suggested technique and the work’s conclusions may be utilized to guarantee that renewable energy technologies have a long-term spatial configuration and policy.

The goal of the studies is to find an appealing investment option in the Aegean Sea offshore wind power generating. These studies will look for wind energy farms in the area and assess whether or not it is feasible to invest in them. The researchers acknowledge the relevance and complexity of the investing process and seek to reduce risks while increasing profits. The purposeful process of acquiring accurate information and applying it to make educated judgments is known as risk reduction. Investing entails weighing a variety of aspects and deciding on the best investment for the overall objective and purpose.

Future studies should concentrate on finding firms that have the potential to be lucrative from the start. Unless people have knowledge of the company’s financial information, it is difficult to tell the difference between potentially successful and non-profitable businesses. The business environment may be used to predict future success for new businesses, but this is a difficult task (Micallef & Rezaeiha, 2021). There is no assurance that outcomes will reflect business predictions, no matter how well-organized they are. More studies should be done on the potential influence of rivalry in the renewable energy industry.

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