First Gulf of Mexico wind energy lease auction nets modest $5.6 million bid

In a first-of-its kind auction for the Gulf of Mexico, a company bid $5.6 million Tuesday to lease federal waters off the Louisiana coast for wind energy generation.

It was a modest start for wind energy in the Gulf, which lags the Northeast in offshore wind power development. Only one of three available tracts received bids. And only two companies bid. The winning bidder was RWE Offshore US.

The Biden administration said the tract covers more than 102,000 acres with the potential for generation of 1.24 gigawatts, enough wind power to supply 435,000 homes.

Analysts cited a variety of factors

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