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June 14, 2021

US announces proposed sale of offshore wind development on OCS

The sale will be the first competitive offshore wind lease sale under the Biden-Harris administration.

By Umesh Ellichipuram

The US Department of the Interior has announced a proposed sale of more than 7GW of offshore wind development areas on the Outer Continental Shelf (OCS) in the New York Bight.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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Under the proposed sale notice, eight lease areas in the New York Bight could be auctioned for commercial wind energy development.

The OCS in the New York Bight is an area of shallow waters between Long Island and the New Jersey coast.

The leased region is expected to generate enough clean energy to power more than 2.6 million homes a year while creating thousands of jobs.

The move is in line with the US Government’s goal to install 30GW of offshore wind energy by 2030.

Department of the Interior Secretary Deb Haaland said: “Climate change poses an existential threat not just to our environment, but to our health, our communities and our economic well-being.

“The Biden-Harris administration recognises the urgency of this moment and the development of renewable energy resources is an important piece of addressing this reality.

“Today’s announcement of new proposed lease stipulations puts a priority on creating and sustaining good-paying union jobs as we build a clean energy economy.”

The latest move by the Department of the Interior builds upon the recent milestones from the government to advance offshore wind development.

They include approval for constructing the Vineyard Wind I project and an agreement to advance areas for offshore wind off the northern and central coasts of California.

Earlier this month, the government announced its intent to explore offshore wind power potential in the OCS of the Gulf of Mexico.

To date, the Department of the Interior’s Bureau of Ocean Energy Management (BOEM) has held eight competitive lease sales and issued 17 commercial offshore wind leases on the Atlantic between Massachusetts to North Carolina.

BOEM director Amanda Lefton said: “The New York Bight is a prime example of how regional cooperation, partnerships and stakeholder feedback can come together to identify areas suitable for offshore wind development.”

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Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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