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.
