October 30, 2024 — A U.S. auction of offshore wind development rights in the Gulf of Maine on Tuesday drew bids for only half of the eight offered leases, for a total of just $21.9 million in high bids, in the latest sign of deep industry malaise.
The sale was a stark display of the lack of industry appetite for new investment after a year of high-profile setbacks that include canceled projects, two shelved lease sales in Oregon and the Gulf of Mexico and a construction accident at the nation’s first major offshore wind project.
It also demonstrated a reluctance to bet big money on projects that will require floating wind turbines, an emerging technology required in very deep waters like those of the Gulf of Maine.
After just one round of bidding, four of eight offered leases sold to developers Avangrid (AGR.N), opens new tab and Invenergy, the U.S. Bureau of Ocean Energy Management said. They were among 14 companies that had been qualified to bid at the sale.