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Offshore Wind Auction Raises $4.4 Billion to Topple Record

  • Companies nab wind farm rights near Long Island and New Jersey
  • Tracts could fit hundreds of turbines 27 miles from shoreline
The Block Island Wind Farm in the waters off Block Island, Rhode Island.

The Block Island Wind Farm in the waters off Block Island, Rhode Island.

Photographer: Eric Thayer/Bloomberg
Updated on

Renewable developers spent a record $4.4 billion buying the rights to install wind turbines off the New York and New Jersey coast in a blockbuster auction that underscores surging enthusiasm for carbon-free electricity.

The sale shattered previous records, a sign of growing momentum for the country’s nascent offshore wind industry and President Joe Biden’s effort to decarbonize the electric grid. The bidding frenzy was driven by state commitments to buy offshore wind power, the closeness of sites to large cities and growing confidence that developers can obtain necessary permits to build projects along the U.S. East Coast.