financetom
Business
financetom
/
Business
/
US sets plan for 12 offshore wind auctions over five years
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US sets plan for 12 offshore wind auctions over five years
Apr 24, 2024 3:29 AM

(Reuters) - President Joe Biden's administration unveiled plans on Wednesday to hold up to a dozen auctions of offshore wind development rights through 2028, including four before the end of this year.

The schedule will help companies, states and others plan for projects that require massive amounts of investment and infrastructure, the Interior Department said in a statement.

"Our offshore wind leasing schedule will provide predictability to help developers and communities plan ahead and will provide the confidence needed to continue building on the tremendous offshore wind supply chain and manufacturing investments that we've already seen," Interior Secretary Deb Haaland said in a statement.

The administration is determined to support the nascent U.S. offshore wind industry at a time when projects have been plagued by rising costs tied to inflation, interest rates and supply chain constraints.

Just this week, New York state stalled three major planned offshore wind farms.

According to Interior's schedule, this year the agency will hold lease sales for areas in the Central Atlantic, Gulf of Maine, Gulf of Mexico and Oregon.

In 2025, it will hold a single sale in the Gulf of Mexico. In 2026, it will hold an auction in the Central Atlantic. In 2027, two sales are scheduled -- the Gulf of Mexico and New York Bight. In 2028, Interior aims to hold four auctions -- in California, an undetermined U.S. territory, the Gulf of Maine and Hawaii.

The timing of the sales is linked to the administration's five-year schedule to offer acreage to oil and gas companies for offshore development. A provision in Biden's landmark climate change law, the Inflation Reduction Act, requires that Interior must offer at least 60 million acres for oil and gas leasing a year before issuing an offshore wind lease.

The U.S. last held an oil and gas auction in December of last year and will not hold another one until 2025 under a scaled back five-year drilling plan finalized last year.

Interior has held just four offshore wind auctions since Biden took office in 2021. The last one, in the Gulf of Mexico last August, attracted lackluster industry interest.

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 >
Li Auto Issues Weak Sales Outlook as Fourth-Quarter Earnings Decline
Li Auto Issues Weak Sales Outlook as Fourth-Quarter Earnings Decline
Mar 14, 2025
09:03 AM EDT, 03/14/2025 (MT Newswires) -- Li Auto's ( LI ) fourth-quarter earnings fell year over year but revenue came in above market estimates, while the Chinese electric vehicle maker expects its sales to decline annually in the ongoing three-month period. The company expects revenue to be in a range of 23.4 billion renminbi ($3.2 billion) to 24.7 billion...
Rumors of Electric Vehicles' Demise in Canada Were Greatly Exaggerated, Says BMO
Rumors of Electric Vehicles' Demise in Canada Were Greatly Exaggerated, Says BMO
Mar 14, 2025
09:01 AM EDT, 03/14/2025 (MT Newswires) -- Almost exactly a year ago, electric vehicle (EV) sales in Canada were on pace to hit 14% of new vehicle sales in 2024, said Bank of Montreal (BMO). Despite talk of a perceived slowdown, EV sales outperformed, reaching 14.6% of the new vehicle market, noted the bank. When hybrid electric vehicles (HEV) are...
Eni's Plenitude Under Italian Competition Authority Over Electricity, Gas Contract Renewals
Eni's Plenitude Under Italian Competition Authority Over Electricity, Gas Contract Renewals
Mar 14, 2025
09:03 AM EDT, 03/14/2025 (MT Newswires) -- Eni's (E) Plenitude is under investigation by the Italian Competition Authority over a suspected unfair commercial practice, the regulator said Friday. The regulator said it received many complaints last year about the company's methods for informing consumers about the renewal of economic supply conditions, as well as failure to implement measures to handle...
Bannix Acquisition Extends Deadline for Business Combination to April 14
Bannix Acquisition Extends Deadline for Business Combination to April 14
Mar 14, 2025
09:00 AM EDT, 03/14/2025 (MT Newswires) -- Bannix Acquisition ( BNIX ) said Friday its board is extending the deadline to complete a business combination by one month to April 14. The blank-check company's stockholders on March 7 voted to allow it to extend the deadline date up to three times until June 14. This is the 25th extension, the...
Copyright 2023-2026 - www.financetom.com All Rights Reserved