Record-breaking $405 million auction proves offshore wind is the rare bipartisan success story

by Silvio Marcacci, Forbes

Last week’s record-breaking auction for development rights to three offshore wind lease areas off Massachusetts’ coast netted nearly a half-billion dollars, heralding the technology’s arrival as an extremely attractive corporate investment, and cementing its status: Offshore wind is America’s biggest bipartisan energy success story .

The Bureau of Ocean Energy Management (BOEM) auction lasted 32 rounds over two days, and the three winning companies bid a collective $405.1 million for the rights to develop offshore wind across nearly 390,000 acres south of Martha’s Vineyard. The three lease areas could host up to 4.1 gigawatts (GW) of generation capacity, enough to supply roughly 1.5 million homes.

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