The desire to get in on the ground floor of offshore wind
development in the U.S is at an all-time high. Following the
announcement by President Biden of a goal of producing 30 gigawatts
of offshore wind energy by 2030 and a tax incentive credit for
offshore wind energy farms that begin construction by 2025, the
demand for government leases of offshore space to develop wind
energy has now skyrocketed and has created an emerging new
green-energy sector. As a result of the announcement, the bids at
auctions of such leases has exponentially increased reflecting a
rush of new investments by wind developers, many of whom are
European.
In February 2022, the Bureau of Ocean Energy Management held an
auction for leases in the New York Bight for the development of
offshore wind energy, which ultimately totaled winning bids of
$4.37 billion, or nine times the amount paid at the last auction
for offshore wind energy leases just a mere four years prior. The
highly competitive
