US BOEM Announces Massive Offshore Wind Auction and Much More
On January 12, 2022, the Bureau of Ocean Energy Management (BOEM) announced that it will hold a competitive auction for six lease areas (totaling roughly 488,000 acres) in the New York Bight area, which is off the coast of New York and New Jersey. Twenty-five bidders are eligible to participate, which is up from the 11 that were announced as qualified in BOEM’s Proposed Sale Notice. The ascending bidding auction will take place on February 23, 2022, and is estimated to last one to two business days. The minimum bid for each lease area will begin at $100 per acre, with the minimum price of the six lease areas ranging from approximately $4.3 million to $12.6 million. The auction will proceed in rounds with incremental price increases until no more than one active bidder remains for each of the six lease areas. Each bidder is limited to winning one lease, and BOEM will announce provisional winners at the end of the auction.
Changes in the Final Sale Notice
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