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New York Bight auction is the largest offshore leasing in the history of BOEM, providing $4.37 billion in bidding fees to the Department of Interior agency. The Bureau of Ocean Energy Management (BOEM) provisionally awarded six companies the rights to operate an offshore lease area each as of February 2022. The renewable energy from the lease area will boost the clean energy economy by as much as 5.6 GW of installed capacity.
The move of BOEM is in line with the momentum built up by offshore wind developers from New York to New Jersey and Maryland. The offshore wind industry is also getting a boost from these offshore wind projects on the Atlantic shores and will come online this decade. All the lease areas align with the Biden-Harris administration’s commitment to pushing for higher offshore wind capacity.
What are the economic benefits of the auction?
The $4.37 billion in leasing fees will be paid for by the winning bidders after the review by the Department of Justice and the Federal Trade Commission. The winning bidders will also guarantee BOEM financial assurance.
Notably, the offshore wind development of the lease areas will also boost the local economy on the southern coast of Long Island through local construction jobs.
Furthermore, BOEM is securing commitments from winning bidders to source significant components domestically and in labor agreements. These commitments will boost local economies and strengthen the supply chain development of the offshore wind market.
The winning bidders are required to communicate and work with the commercial fishing industry and consider them essential stakeholders.
The National Ocean Industries Association sees the potential for local supply chain development among interest groups. Erik Milito, NOIA President, cited Texas’s improved offshore wind supply chain in the past year. We can expect similar projects in the Atlantic, as Milito called New York Bight a ‘watershed moment for the industry.
Where is New York Bight located?
New York Bight is a triangular area near the east coast off the shores of the Central Atlantic, particularly New York and New Jersey. Six companies won provisional awards to the lease area in February 2022. The leases are subject to Federal Trade Commission review.
How large is New York Bight?
The New York Bight lease areas are 488,201 acres large. After development, the wind farms will power up to 1.9 million homes.
The milestone is the biggest lease auction for offshore wind energy in the history of BOEM. Expansion remains on the horizon as the remaining areas that are unleased are adjunct to the awarded regions.
The largest lease is OCS-A 0539, 125,964 acres, which Bight Wind Holdings LLC won. Bight Wind is also the highest winning bidder at $1.1 Billion.
Who owns Bight Wind Holdings?
Bight Wind Holdings is a joint venture between energy giants RWE and National Grid. Bight Wind Holdings submitted the winning bid worth $1.1 Billion–the highest amongst all bidders.
Who won New York Bight?
Six companies submitted winning bids that raised the stake in the offshore wind market lease.
- Mid-Atlantic Offshore Wind LLC (owned by Copenhagen Infrastructure Partners or CIP) but changed to Vineyard Mid-Atlantic LLC
- OW Ocean Winds East LLC (a joint venture between EDP renewables and Engie)
- Attentive Energy LLC (a subsidiary of TotalEnergies Renewables USA, LLC)
- Bight Wind Holdings LLC (a joint venture by RWE and National Grid)
- Atlantic Shores Offshore Wind Bight LLC (owned by Shell New Energies US LLC and EDF Renewables North America)
- Invenergy Wind Offshore LLC (led by Invenergy, EnergyRe, and partners)
What are the wind energy areas in New York Bight?
New York Bight leased six lease areas awarded as one per winning bidder. Winning bids ranged from $285 million to $1.1 billion.
| New York Bight Block | Bid Winner | Winning Bid Amount |
|---|---|---|
| OCS-A 0544 | Mid Atlantic Offshore Wind | $285 Million |
| OCS-A 0537 | Ocean Winds | $765 Million |
| OCS-A 0538 | Attentive Energy | $795 Million |
| OCS-A 0539 | Bight Wind Holdings | $1,100 Million |
| OCS-A 0541 | Atlantic Shores | $780 Million |
| OCS-A 0542 | Invenergy | $645 Million |
What is the offshore wind capacity of New York Bight?
The lease area has a productive offshore wind power potential of 3 MW per square kilometer as per BOEM. The expected output per year is 19.6 terawatt-hours.