ASSESSMENT OF THE OFFSHORE WIND ENERGY DEVELOPMENT POTENTIAL IN THE CASPIAN SEA: THE CASE OF AZERBAIJAN

Offshore wind energy represents one of the priority vectors for the development of renewable energy, playing a crucial role in the global energy transition and the achievement of sustainable development goals. In the context of the need for economic decarbonization and diversification of the energy balance, countries with sea access gain a strategic advantage through the ability to harness their offshore wind potential. Azerbaijan, with an estimated technical potential of up to 157 GW in the Caspian Sea basin, stands out as a promising location for the development of offshore wind energy. Despite favorable natural and geographical conditions, no offshore projects had been implemented in the country at the time of this study. This article presents a comprehensive analysis of the key barriers hindering the development of the sector, including technological, economic, and institutional challenges. The research methodology is based on the application of SWOT analysis and a scenario-based approach, which makes it possible to identify the conditions necessary for the formation of an effective offshore wind sector in Azerbaijan’s coastal zone. The authors pay special attention to the issues of government support, the development of specialized infrastructure, and the stimulation of private sector investment. Given the growing global interest in renewable energy sources, an integrated approach to the planning and implementation of offshore projects becomes particularly relevant. The article proposes several development scenarios for offshore wind energy, among which the most promising is the export of electricity via transregional energy corridors to Europe. The author emphasizes the need for a systemic and cross-sectoral approach to offshore wind energy development as a tool for sustainable growth, energy security, and decarbonization. Only with a comprehensive strategy can the full potential of offshore wind be realized and Azerbaijan be integrated into international energy value chains.