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Historic event marks major shift in production
2023-01-04
The Bureau of Ocean Energy Management (BOEM) opened an auction on December 6, offering offshore wind development rights off the coasts of California. The five lease areas comprising a whopping 373,267 acres have the potential to power 1.5 million homes through the use of renewable energy sources.
This historic event marks a major shift in U.S. offshore wind energy production from traditionally shallow waters along the Atlantic coast to more challenging depths near the Pacific coast. As part of this move, investments are being made in cutting-edge floating technologies capable of handling deeper water conditions and providing power over vast expanses of ocean terrain.
While some large European energy companies participated in earlier federal auctions held for Atlantic leases, this sale is notably attracting a wider range of potential bidders, including Avangrid Inc., Orsted, Equinor, and the Redwood Coast Energy Authority. California-based developer Castle Wind is also on board to bid at the auction.
As of mid-morning on December 6th, second round bids ranged in value from $6.3 million to $16 million depending upon the location of the lease areas - Northern or Central California. BOEM will announce the winning bids and further details as they become available.
Regardless of who holds the rights to develop these vast tracts of ocean terrain, this sale marks a huge leap forward for renewable energy production in the United States and could have profound implications for global markets down the road. There is much anticipation for the results of this high-stakes auction.
The California sale is seen as a major milestone in promoting renewable energy production throughout the United States, with the potential to provide clean, sustainable electricity to millions of homes and businesses across the country. The success of this auction could have far-reaching implications on global markets and serve as a catalyst for deploying more efficient wind technologies in other areas around the world. With such high stakes, all eyes will be watching to see who wins the rights to these lease areas and how they shape offshore wind power in California and beyond. All in all, it promises to be an exciting new chapter in America’s journey towards green energy sources.
The December 6th auction is the first of several sales set to take place over the coming months, with more than one million acres of ocean floor being offered for renewable energy production. BOEM will announce further details on these sales and the results of this current auction as they become available. It's clear that the future of offshore wind electricity in the United States looks very promising indeed.
The Bureau of Ocean Energy Management (BOEM) opened an auction on December 6, offering offshore wind development rights off the coasts of California. The five lease areas comprising a whopping 373,267 acres have the potential to power 1.5 million homes through the use of renewable energy sources.
This historic event marks a major shift in U.S. offshore wind energy production from traditionally shallow waters along the Atlantic coast to more challenging depths near the Pacific coast. As part of this move, investments are being made in cutting-edge floating technologies capable of handling deeper water conditions and providing power over vast expanses of ocean terrain.
While some large European energy companies participated in earlier federal auctions held for Atlantic leases, this sale is notably attracting a wider range of potential bidders, including Avangrid Inc., Orsted, Equinor, and the Redwood Coast Energy Authority. California-based developer Castle Wind is also on board to bid at the auction.
As of mid-morning on December 6th, second round bids ranged in value from $6.3 million to $16 million depending upon the location of the lease areas - Northern or Central California. BOEM will announce the winning bids and further details as they become available.
Regardless of who holds the rights to develop these vast tracts of ocean terrain, this sale marks a huge leap forward for renewable energy production in the United States and could have profound implications for global markets down the road. There is much anticipation for the results of this high-stakes auction.
The California sale is seen as a major milestone in promoting renewable energy production throughout the United States, with the potential to provide clean, sustainable electricity to millions of homes and businesses across the country. The success of this auction could have far-reaching implications on global markets and serve as a catalyst for deploying more efficient wind technologies in other areas around the world. With such high stakes, all eyes will be watching to see who wins the rights to these lease areas and how they shape offshore wind power in California and beyond. All in all, it promises to be an exciting new chapter in America’s journey towards green energy sources.
The December 6th auction is the first of several sales set to take place over the coming months, with more than one million acres of ocean floor being offered for renewable energy production. BOEM will announce further details on these sales and the results of this current auction as they become available. It's clear that the future of offshore wind electricity in the United States looks very promising indeed.