On October 19th, 2018, the Bureau of Ocean Energy Management (BOEM) placed the following notice in the US Federal Register: “Atlantic Wind Lease Sale 4A (ATLW-4A) for Commercial Leasing for Wind Power on the Outer Continental Shelf Offshore Massachusetts—Final Sale Notice.”
The auction started on December 13th, 2018. It lasted for two days and 32 rounds. Three companies bid collectively $405.1 million for the right to develop 390,000 acres of continental shelf south of Martha’s Vineyard off the coast of Massachusetts. All three winners are established wind energy companies: Equinor Wind US, Mayflower Wind Energy, and Vineyard Wind. The final planned generating capacity of the three sites is 4.1 GW. As of February 2024, Vineyard Wind 1 operated five of its planned 62 turbines. The project currently generates 68 MW of power, enough to supply 30,000 Massachusetts homes.
According to the 2024 statistical review published by the Energy Institute, the total primary energy consumed by the world in 2023 was 619.6 exajoules, or 172 million Gwh. The world needs approximately 19,608 GW of installed power capacity to produce the energy consumed annually. If wind turbines were the only source, about 60,000 GW of installed power would be required because the turbines produce energy at full capacity only 33% of the time. That is the equivalent of 15,000 Martha’s Vineyard sites.
In 2022, consumers worldwide spent $10 trillion on energy. Saving the planet is a lucrative business. Newcomers are better positioned to profit from the renewable energy boom. Oil companies started to invest in wind and solar farms. These companies are in a delicate situation. For every dollar gained from their renewable energy investments, they lose one dollar in revenue from missed oil sales.
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