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US offshore wind auction in NY, NJ raises a record $4.37 billion

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Offshore wind farm.

davee hughes uk | Moment | Getty Images

The federal government on Friday announced a record $4.37 billion sale of six offshore wind leases off the coasts of New York and New Jersey, moving forward the Biden administration’s goal to transition from fossil fuels to renewable energy sources.

The auction by the U.S. Bureau of Ocean Energy Management is the first offshore wind lease sale under President Joe Biden. Once the sites are fully developed, the sale of more than 488,000 acres is expected to produce up to 7 gigawatts of clean energy, enough to power nearly 2 million homes, the agency said.

The Biden administration, as part of its broader agenda to address climate…



Source cnbc.com

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