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U.S. resumes record-setting offshore wind auction with bids above $1.5 billion -Breaking

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© Reuters. FILE PHOTO – Power-generating turbines can be seen near Amsterdam at Eneco Luchtterduinen’s offshore wind farm, September 26, 2017. REUTERS/Yves Herman/File photo

(Reuters) – The largest U.S. ever sale of offshore wind rights was resumed by President Joe Biden on Thursday. Bids for six regions off New York’s coast and New Jersey were combined to exceed $1.5 million.

Biden has auctioned the offshore wind leases for the first time. He made expanding offshore wind an integral part of his plan to combat global warming and create new jobs.

The U.S. Bureau of Ocean Energy Management oversees energy development within federal waters. Six leases will be offered on 488.201 acres located between New York’s Long Island, New Jersey and the New York Bight.

According to the Administration, nearly 2,000,000 homes could be powered by the energy from these newly-offered areas.

With a 22nd round in bidding, Thursday morning’s sale reopened. The total combined live bids received after the round reached $1.59 Billion, according to BOEM’s site.

Auctions for the best lease for energy development have risen to $430million, and the rest of the five were priced between $100 million–295 million.

It was 2018 that the U.S. offshore wind auction records were set. They had a previous record of $405 million. $135.1 Million was the highest single-lease price.

BOEM stated that 14 companies participated in the auction. According to documents released last month by the government, the website didn’t identify any of the participating companies in the auction. However, approved bidders were Equinor ASA, Avangrid, BP, Plc, and Eletricite de France SA.

The rules for the auction stipulate that each company is limited to one lease.

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