February 24, 2022 — The largest ever U.S. sale of offshore wind development rights – for areas off the coasts of New York and New Jersey – attracted a record $1.5 billion in bids on Wednesday, supporting President Joe Biden’s plan to create a new domestic industry.
The auction, which will continue on Thursday, is the first offshore wind lease sale under Biden, who has made expansion of offshore wind a cornerstone of his plans to tackle global warming and decarbonize the U.S. electricity grid by 2035, while creating tens of thousands of jobs.
After 21 rounds of bidding, combined live bids for the six leases stood at nearly $1.54 billion, according to updates posted on the U.S. Bureau of Ocean Energy Management’s (BOEM) web site.
That easily topped the U.S. offshore wind auction record of $405 million set in 2018. It was also far more than recent oil and gas auctions in U.S. federal waters. A sale of drilling rights in the Gulf of Mexico late last year, for instance, attracted $191.7 million in high bids.