"The Biden Administration received record-setting bids on its first offshore wind lease sale."
"The Biden Administration received record-setting bids on its first offshore wind lease sale this week, a promising sign showing U.S. money makers are ready to invest heavily in the long hyped but underdelivered renewable energy source.
On Wednesday the Bureau of Ocean Energy Management held bids for development rights off the coast of New York and New Jersey exceeding $1.5 billion, easily eclipsing the last largest $405m bid held in 2018, according to Al Jazeera. Maybe more impressively, bids on the six offshore leases Wednesday far surpassed money spent on recent oil and natural gas leases approved by the Biden administration last year. In that case, 33 companies reportedly submitted around 317 bids which in total came out to over $191 million.
All of this is potentially good news for wind power generally, which made up about 26% of U.S. renewable energy consumption in 2020 according to the U.S. Energy Information Administration. In total, around 14 companies bid against each other for over 488,000 acres of land this week."
