Unlocking the wind energy potential along Bulgaria’s Black Sea coast could attract significant global investment and help address the country’s ongoing budget deficit, currently estimated at around 9 billion euros. Rather than raising taxes or increasing social security contributions, Bulgaria could look to investments as a solution to the revenue shortfall. In contrast, Romania has already established a legislative framework for offshore wind energy and set renewable energy targets for the Black Sea region, positioning itself ahead of Bulgaria in this emerging sector.
Bulgaria’s potential for offshore wind energy remains largely untapped, mainly due to the absence of a clear legislative framework for the construction and grid connection of such projects. Efforts to create this framework have stalled, largely due to differing views among local communities and businesses, and the lack of a parliamentary majority to support the necessary legislation.
The region is also expected to face a 3,000 MW electricity deficit during January and February 2025, which could put pressure on electricity prices. With the current budget deficit at 8% and no clear strategy in place to address it, attracting investments in offshore renewable energy could provide a much-needed boost to the economy, potentially alleviating some of the fiscal pressure.
This issue was highlighted at a recent conference on the potential of Bulgaria’s Black Sea coast, organized by the Center for the Study of Democracy. The Center’s research helped form the basis of a draft law for offshore renewable energy projects, which passed its first parliamentary reading in February 2024, despite opposition from several political parties. Hotel operators voiced concerns, arguing that offshore wind turbines would spoil the views for tourists, even though the proposed installations are planned to be located far offshore.
Following these objections, a decision was made to launch an informational campaign and revise the draft law. However, these actions have yet to be taken. Delian Dobrev, a Member of Parliament from the GERB party and former chair of the Energy Committee, stated that while improved proposals are available, progress on the issue has stalled. He attributed this to a lack of support in parliament, particularly from pro-Russian parties, who use the topic as a platform for propaganda and fearmongering.
Dobrev argued that developing offshore wind energy could draw global investors, helping to reduce the budget deficit and stimulate the economy. He emphasized the importance of large infrastructure projects, suggesting that Bulgaria should focus on ten priority projects, such as offshore wind farms and highways, and offer transparent concession processes to attract investors. He also proposed that local communities should be assured that offshore wind farms would not disrupt their daily lives and could even benefit from receiving 50% of the concession fees, similar to the revenue-sharing model used in the extraction of mineral resources.
Martin Vladimirov, Director of the Energy and Climate Program at the Center for the Study of Democracy, noted that global investors in offshore projects often include major pension funds, which seek low-risk investments with stable returns. However, his colleague Remina Aleksieva pointed out that Bulgaria’s investment environment remains unpredictable due to frequent changes in legislation and shifting government priorities. She cited the example of the liberalization of the household electricity market, initially scheduled for January 2026 but later delayed to July 2025, as an illustration of the instability that deters potential investors.
Aleksieva stressed the need for a specialized regulatory framework tailored to offshore wind projects, as the existing renewable energy laws are already challenging for conventional energy projects. She also emphasized that Bulgaria’s National Energy and Climate Plan should set clear targets for offshore renewable energy, which would help create a more stable and attractive environment for investors.
