Modest interest in first Gulf of Mexico offshore wind lease auction highlights challenges

The Interior Department held the first ever offshore wind lease auction in the Gulf of Mexico, but only one out of three areas received a bid.
Germany's RWE won rights to the Lake Charles, Louisiana area with a $5.6 million bid, with potential for 1.24GW of energy.
Lack of state policies supporting offshore wind, low energy prices, and physical challenges dampened interest, especially in Texas areas.
The Biden administration aims to expand offshore wind farms nationwide to help achieve climate goals.
Industry faces rising costs, interest rates, and delays, but some see future potential in Gulf offshore wind.