$5.6 million bid for one offshore tract marks modest start for Gulf of Mexico wind energy

A company has bid $5.6 million to lease federal waters off the Louisiana coast for wind energy generation. Tuesday's one-of-a-kind auction marked a modest start for wind energy in the Gulf of Mexico. Only one of three available tracts received bids Tuesday. The Biden administration said the tract covers more than 100,000 acres and could harness enough wind power to supply 435,000 homes. Analysts cited a variety of factors behind the current low interest in federal Gulf waters, including inflation and technical challenges in the Gulf. Still, they noted a growing interest in the region for wind power.