The auction for the offshore New York Wind Energy Area drew a winning bid of more than $42 million, more than twice the price paid for the other 11 U.S. offshore wind leases combined.

Map courtesy of BOEM

After 33 rounds of bidding, Statoil Wind US LLC is the provisional winner of the offshore wind leasing rights to the New York wind energy area, with a winning bid of more than $42 million. This is more than twice the price paid for the other 11 U.S. offshore wind leases combined. The result of today’s auction is yet another sign that the wave of the future for offshore energy is wind, not expanded fossil fuel drilling that puts our oceans, coastal businesses, and health at risk. The intense bidding and record-breaking price for the lease shows strong investor confidence in offshore wind and demonstrates that U.S. offshore wind power is a valuable commodity and a smart infrastructure investment.

This is great news for New York’s economy and the country’s, too. The development of offshore wind power off New York’s coast will contribute to the 160,000 skilled construction, manufacturing, and operations jobs that American offshore wind power can generate nationwide. New York State took a smart step in participating in this auction, and we hope that New York will continue to move forward with this important approach to shape and empower offshore wind power development in a manner that keeps costs lower for ratepayers and ensures efficient and fair use of this ocean resource for all parties. We look forward to working with New York, the federal government, offshore wind developers, and other stakeholders to bring sustainable offshore wind power to New York’s waters.

About the Authors

Director, Energy & Transportation program

Related Blog Posts