A company has bid $5.6 million to lease federal waters off the Louisiana coast for wind energy generation.
In a first-of-its kind auction for the Gulf of Mexico, a company bid $5.6 million Tuesday to lease federal waters off the Louisiana coast for wind energy generation.development. Only one of three available tracts received bids. And only two companies bid. The winning bidder was RWE Offshore US.
Analysts cited a variety of factors behind the current, relatively low interest in the lease sale, including inflation and challenges specific to the area such as lower wind speeds and the need for designs that consider hurricane threats.Washington-based research group Clearview Energy Partners said in a Tuesday analysis that Gulf states’ governments lack the needed offshore wind targets or mandates for renewable energy that could encourage more wind development.
“Offshore wind developers have to pick and choose where to deploy their resources and time and energy. It is not surprising that they are more interested in locations like the Northeast where power prices are higher and offshore wind is better positioned to compete,” Becky Diffen, a partner specializing in renewable energy financing at the Norton Rose Fulbright law firm in Houston.
In a region where offshore oil and gas production remain a major economic driver, industries are embracing wind energy as well. For instance, Louisiana shipbuilding giant Edison Chouest Offshore is assembling a 260-foot-long vessel to serve asfor offshore wind technicians and their tools to be used to run wind farms in the Northeast.
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