Strong Interest in New York Bight Offshore Wind Auction – No Declared Winner After Day 2

© Ian Dyball/AdobeStock
© Ian Dyball/AdobeStock

When bidding for six leases in the New York Bight commenced on Wednesday morning, the minimum option price to secure development rights was set at close to $49 million. After the first day, 13 active bids had resulted in cumulative bids of over $1.5 billion. 

At the end of the second day, bidding closed at a total of $3.35 billion. Bidding is set to continue until six leaseholders are identified.

The auction reflects the increased interest and confidence in the opportunities provided by the U.S. offshore wind segment and also a general market interest in securing offshore wind development sites worldwide.

The U.S. Bureau of Ocean Energy Management (BOEM) has rolled out additional requirements as part of the auction process. 

On top of offering the highest option price, a successful developer is committing to promoting local supply chains – and in particular factories, ports, transmission assets, and vessels. 

Regular measurement and reporting of the status of these commitments will be required in order to enjoy lower lease payments to BOEM, in addition to state incentives.

The first leases awarded by BOEM in the New York Bight could see offshore wind production before the end of the decade.

All of the details of the New York Bight auction and all other US offshore wind projects.

Summary of the New York Bight Auction

©Philip Lewis -  Director of Research, Intelatus Global Partners

©BOEM


Subscribe to Intelatus' Monthly U.S. Offshore Wind Report here.

Current News

SLB Narrowly Beats Quarterly Profit Estimates

SLB Narrowly Beats Quarterly P

Vard Books Construction Order for CSOV Pair

Vard Books Construction Order

ABL to Deliver Grid Works for 600MW French Offshore Wind Farm

ABL to Deliver Grid Works for

Cadeler Adds Wind Keeper WTIV to Fleet, Locking in Long-Term Vestas Deal

Cadeler Adds Wind Keeper WTIV

Subscribe for OE Digital E‑News

 
Offshore Engineer Magazine