Energy

Offshore Wind Leases Go On Sale

Offshore wind powerThe U.S. Department of the Interior’s Bureau of Ocean Energy Management (BOEM) has announced the first ever competitive lease sale of two offshore wind energy areas in federal waters. A date for the sale has not been set yet, but it is expected to take place in 2013.

The areas included in the sale are offshore of Rhode Island, Massachusetts, and Virgina and comprise a total of 277,550 acres. The BOEM estimates that the two areas are capable of supporting 4,000 megawatts wind generation, or enough to power 1.4 million homes.

The area offshore of Rhode Island and Massachusetts will be auctioned in two parcels, a North Zone of about 97,500 acres and a South Zone of about 67,250 acres located about 9.2 nautical miles south of the Rhode Island coast. The lease area offshore of Virginia is a single parcel of about 112,800 acres located about 23.5 nautical miles east of southern Virginia.

Public comments will be accepted until February 1st.

The BOEM did not speculate on possible bidders for the leases, but it is not unreasonable to expect at least one bid from a Chinese firm. China is the world leader installed wind generation capacity having passed the U.S. last year.

Paul Ausick

Cash Back Credit Cards Have Never Been This Good

Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.

Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.