financetom
Business
financetom
/
Business
/
US issues floating wind research lease to state of Maine
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US issues floating wind research lease to state of Maine
Aug 19, 2024 12:27 PM

(Reuters) - The Biden administration on Monday issued an offshore wind lease to the state of Maine for a small project that will demonstrate floating turbine technology off the U.S. East Coast.

WHY IT'S IMPORTANT

U.S. President Joe Biden has championed offshore wind as a key pillar of his climate change agenda. His Interior Department has set a goal of deploying 30 gigawatts of offshore wind capacity by 2030, and 15 GW of floating capacity by 2035.

Wind turbines that float on the ocean's surface are an emerging technology necessary for projects off the coasts of California, Oregon and Maine, where the depth of the water precludes the use of standard, fixed equipment.

BY THE NUMBERS

The lease area covers 9,700 acres (3,920 hectares) and is 28 nautical miles (52 kilometers) from shore.

The area could accommodate up to 12 floating offshore wind turbines that could generate about 144 megawatts of electricity.

WHAT'S NEXT?

Construction on the research array is not expected to occur for several years, the Interior Department said.

The lease will allow researchers to gather information to inform future commercial floating offshore wind development.

Interior's Bureau of Ocean Energy Management is expected to hold an auction for a commercial offshore wind lease in the Gulf of Maine later this year.

KEY QUOTE

"Floating wind opens up opportunities to produce renewable energy in deeper water farther offshore," bureau Director Elizabeth Klein said in a statement. "Signing the Gulf of Maine research lease demonstrates the commitment by both BOEM and the State of Maine to promote a clean energy future for the nation."

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Wilson tennis racket maker Amer Sports beats Q1 estimates on robust demand
Wilson tennis racket maker Amer Sports beats Q1 estimates on robust demand
May 21, 2024
Amer Sports topped market expectations for first-quarter revenue and profit on Tuesday, helped by higher pricing and robust demand for its popular sporting goods brands in China and the United States. The Wilson tennis racket maker also expects full-year earnings per share at the higher end of its prior forecast range of 30 cents to 40 cents. MARKET REACTION Shares...
Nutanix Partners With Nvidia for Enterprises AI Adoption
Nutanix Partners With Nvidia for Enterprises AI Adoption
May 21, 2024
08:35 AM EDT, 05/21/2024 (MT Newswires) -- Nutanix ( NTNX ) said Tuesday it has partnered with Nvidia ( NVDA ) to support enterprises' adoption of generative artificial intelligence. Financial terms of the partnership weren't disclosed. Under the collaboration, Nutanix ( NTNX ) will integrate Nvidia's ( NVDA ) NVIDIA NIM inference microservices with its Nutanix GPT-in-a-Box 2.0 for clients...
Macy's Q1 Surprises With Profit Beat And Upgraded Outlook Amid Sales Challenges – Here's The Scoop
Macy's Q1 Surprises With Profit Beat And Upgraded Outlook Amid Sales Challenges – Here's The Scoop
May 21, 2024
Macy’s Inc (NYSE:M) shares are trading higher after the company reported better-than-expected first-quarter adjusted EPS and raised the outlook. The company reported a first-quarter FY24 sales decline of 2.7% year-on-year to $4.846 billion, slightly missing the analyst consensus of $4.86 billion. Comparable sales decreased 1.2% on an owned basis and down 0.3% on an owned plus licensed basis. First 50 locations comparable sales, included...
May 21, 2024
...
Copyright 2023-2026 - www.financetom.com All Rights Reserved