New York Bight lease sale brings in $4.37 billion in winning bids

Feb. 27, 2022
Lease sale reportedly has potential to power nearly two million homes.

Offshore staff

WASHINGTON, DC – The Department of the Interior has announced the results of what it calls the nation’s highest-grossing competitive offshore energy lease sale in history, including oil and gas lease sales, with the New York Bight offshore wind sale.

The lease sale offered six lease areas totaling over 488,000 acres in the New York Bight for potential wind energy development and drew competitive winning bids from six companies totaling approximately $4.37 billion.

BOEM says that a recent report indicates that the United States’ growing offshore wind energy industry presents a $109 billion revenue opportunity to businesses in the supply chain over the next decade.

“Thousands of new jobs and billions of dollars of investment are now on the horizon for New York, New Jersey, and the entire U.S. supply chain as a result of this lease sale,” said Erik Milito, president of the National Ocean Industries Association. “We are already seeing an offshore wind substation and a wind installation vessel being built in Texas, an offshore wind service operation vessel being constructed in Louisiana, and transmission cables being manufactured in North Carolina and South Carolina, along with many other examples.”