A $1.6 Million Win In America’s Second Offshore Wind Lease Auction

Virginia Electric and Power Company, a subsidiary of Dominion Virginia Power, won the Department of the Interior’s (DOI) auction to develop 112,800 acres about 23 miles from Virginia Beach with a final bid of $1.6 million.

Offshore wind took another major step toward becoming reality in America yesterday with the second-ever competitive lease sale to develop renewable energy in federal waters.

Wednesday’s auction was the second successful DOI offshore wind lease sale held in a month, after a July 31st auction of 164,750 acres in New England, and could signal the start of a rush to develop new tracts of wind-rich areas off the Atlantic coast.

A $1.6 Million Win In America’s Second Offshore Wind Lease Auction