Record-Breaking Offshore Lease Sale Shows Wind Power Here to Stay

The US government got a big surprise when it sold rights last week to build wind turbines off the New York and New Jersey coasts: $4.4 billion from companies eager to get into the wind energy industry. 

It's a clear sign businesses see the chance for big profits from wind energy.

The sale of nearly a half-million acres in the Atlantic Ocean marked the highest energy lease sale ever. That includes oil and gas leases. More than a dozen companies took part in the auction. The leases sold at $10,700 per acre. That's 10 times more than the last record set in 2018.  

The sale surprised industry analysts.  

Wind turbines built in the area sold are expected to power two million homes.

Part of the White House plans to address climate change include reaching 30 gigawatts of power by the end of the decade from offshore wind turbines. Government officials think the growing industry will be worth $109 billion over the next decade. 

The nation’s first utility-scale wind farm won final approval nine months ago. It's set to be built off the Massachusetts coast. Future lease sales are planned for coastal waters along the Atlantic and Pacific.  

There may be a change in the wind.