Election Jitters, Industry Headwinds Undermine Biden’s Final Offshore Wind Auction
A U.S. auction of offshore wind development rights in the Gulf of Maine on Tuesday drew bids for only half of the eight offered leases, for a total of just $21.9 million in high bids, in the latest sign of deep industry malaise. The sale was a stark display of the lack of industry appetite for new investment after a year of high-profile setbacks that include canceled projects, two shelved lease sales in Oregon and the Gulf of Mexico and a construction accident at the nation’s first major offshore wind project. The auction was the last before President Joe Biden, a Democrat, leaves office in January. more, >>CLICK TO READ<< 07:25
The lack of interest, and small amount of money generated for these sales, is because there is no known oil and gas reserves in the gulf of Maine. The depth of water and having to use floating platforms are just a minor issue. The lease sales last year off the NY bight exposed what these companies are really after, the liquid gold under the mid Atlantic continental shelf.