Learn more about Hart Energy Conferences
Get our latest conference schedules, updates and insights straight to your inbox.
The Biden administration on May 26 proposed auctioning five areas off the coast of California for offshore wind development, a critical milestone in expanding the nascent U.S. industry to Pacific waters.
It is the latest in a government effort to put wind turbines along every U.S. coastline, with a goal of generating 30 gigawatts (GW) of power by 2030. President Joe Biden has said the new industry will create jobs and combat climate change.
The announcement comes on the heels of two successful auctions this year in Atlantic waters that, combined, generated more than $4.6 billion in high bids. Thus far U.S. offshore wind development has mainly been in the Northeast and has been dominated by European energy companies.
The sale notice includes three lease areas off central California near Morro Bay and two areas off the northern coast near Humboldt County. The areas were first identified by the Department of the Interior a year ago for potential development.
The areas total about 373,000 acres (150,950 hectares) that could one day generate more than 4.5 GW of energy and power 1.5 million homes, the Interior Department said in a statement.
The projects will help California, which has among the most aggressive climate change policies in the nation, achieve its goal of removing fossil fuels from its power grid by 2045.
The state earlier this month set a preliminary goal of building 3 GW of offshore wind by 2030 and up to 12 additional GW by 2045.
The Interior Department will seek public comment on the proposal for 60 days. At that time, it will decide whether to issue a final sale notice that would include a date for the auction.
Projects off the California coast would use floating turbines, an emerging technology, because of the depth of the outer continental shelf in the Pacific.
Recommended Reading
Enterprise Declares Quarterly Cash Distribution
2024-01-08 - Enterprise Products Partners’ distribution will be paid Feb. 14 to common unitholders of record by Jan. 31.
XGS Energy Secures $9.7MM in New Financing
2024-01-23 - XGS Energy's latest funding round will demonstrate the commercial readiness and scalability of its new thermal reach enhancement technology.
Green Swan Seeks US Financing for Global Decarbonization Projects
2024-02-21 - Green Swan, an investment platform seeking to provide capital to countries signed on to the Paris Agreement, is courting U.S. investors to fund decarbonization projects in countries including Iran and Venezuela, its executives told Hart Energy.
TurningPoint Energy Names Naini as President
2024-01-09 - Salar Naini, who previously served as executive vice president of business development for TurningPoint, will lead the company’s daily business operations.
Energy, Freight Analytics Firm Vortexa Raises $34 Million
2024-01-08 - The investment brings the total amount raised by Vortexa since its inception to more than $60 million.