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Member since: Thu Feb 28, 2008, 10:49 AM
Number of posts: 823

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Auction of offshore sites for wind farms

Would replace a lot of fossil fueled power generation.

The Biden administration's sale of offshore wind development rights off the coasts of New York and New Jersey drew a record $4.37 billion in high bids from developers that included major European energy companies.

The auction, which began on Wednesday and stretched into Friday afternoon, is the first offshore wind lease sale under U.S. President Joe Biden, who sees the expansion of the industry as a way to tackle climate change and create jobs.


The U.S. Bureau of Ocean Energy Management (BOEM), which oversees energy development in federal waters, offered six leases across 488,201 acres (197,568 hectares) between New York's Long Island and New Jersey, an area known as the New York Bight.

By the end of the auction, total high bids on the six blocks amounted to $4.37 billion. That is more than three times the revenue received from all U.S. offshore oil and gas lease auctions over the past five years.

Posted by Finishline42 | Sun Mar 6, 2022, 07:28 PM (2 replies)
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