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N.Y., N.J. Offshore Wind Sites Draw Record Bids in Auction

  • Companies pledge at least $1.54 billion for Atlantic tracts
  • U.S. government auctions parcels near Long Island, New Jersey
Views Of General Electric Co.'s First U.S. Offshore Wind Farm
Photographer: Eric Thayer/Bloomberg
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Companies pledged to spend at least $1.54 billion buying the rights to build wind farms off the coast of New York and New Jersey during a government auction Wednesday -- more than tripling the previous record as renewable developers compete for the chance to sell carbon-free electricity to the Northeast U.S. 

More than a dozen firms jockeyed over six leases spanning 488,201 acres (197,570 hectares) in the New York Bight, a shallow stretch of the Atlantic between Long Island and New Jersey with the potential to generate 5.6 gigawatts to 7 gigawatts of zero-emission power. That’s enough electricity to power about 2 million homes.