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UPDATE 1-U.S. to hold record offshore wind auction next month in clean energy push

Wed, 12th Jan 2022 17:06

(Adds details on offshore wind auction, comment from Interior
secretary)

By Nichola Groom

Jan 12 (Reuters) - President Joe Biden's administration on
Wednesday said it would hold the U.S. government's biggest ever
offshore wind auction next month for areas in waters off the
coast of New York and New Jersey, part of a range of measures it
unveiled to speed growth of clean energy.

"We're at an inflection point for domestic offshore wind
energy development," Interior Secretary Deb Haaland said on a
call with reporters. "We must seize this moment."

The announcement, which seeks to advance Biden's ambitious
climate change agenda, comes as sweeping legislation to support
those goals is stalled in Congress. Biden has pledged an
"all-of-government" approach to fight global warming and
decarbonize the U.S. electricity grid by 2035.

The White House is "continuing to pursue this agenda every
way we know how," a senior administration official told
reporters on a briefing call on Tuesday.

In a wide-ranging memo, the administration unveiled actions
by seven federal agencies designed to accelerate deployment of
wind and solar projects while creating well-paying jobs, a
cornerstone of Biden's presidential campaign pledge.

The centerpiece of the announcement is the Feb. 23 sale of
six commercial leases in the New York Bight, shallow waters
between New York's Long Island and New Jersey. The leases are
projected to one day host projects able to generate up to 7
gigawatts of electricity, enough to power 2 million homes, the
administration said.

It would be the first offshore wind auction under Biden, who
last year launched an aggressive push to install 30 gigawatts of
the technology by 2030 and approved the nation's first two
commercial-scale projects. The last government auction for wind
leases was held in 2018.

The Bureau of Ocean Energy Management said 25 companies are
eligible to bid on the leases, including entities controlled by
Equinor, Avangrid, BP and EDF,
and each bidder may only win one lease.

The 488,201 acres that will be offered to offshore wind
developers was reduced by 22% from the initial sale proposal
outlined last summer in response to input from the commercial
fishing industry, U.S. Coast Guard and others, BOEM said.

Developers will be required to "make every reasonable
effort" to use union labor to build their projects and to
outline plans for supporting creation of a domestic supply chain
for the industry. Companies that succeed in sourcing major
components domestically may be eligible for lower lease
operating fees.

Onshore, the administration announced steps to slash the
time it takes to permit clean energy projects on public lands
through better coordination between five agencies and the
creation of renewable energy coordination offices at the
Department of Interior.

It also unveiled a major federal effort to build thousands
of miles of electric transmission lines to carry clean energy
from solar and wind facilities to U.S. communities. The Building
a Better Grid initiative will tap billions of dollars in funding
from the $1 trillion infrastructure law passed in November to
finance new lines and grid upgrades.

The administration said it would ensure that the benefits of
clean energy investment will reach rural communities through a
new $10 million grant program at the Agriculture Department to
support projects in poor areas.
(Reporting by Nichola Groom; Editing by Leslie Adler and David
Gregorio)

More News
19 Dec 2023 20:11

Norwegian Johan Sverdrup crude prices soar on Red Sea shipping issues

LONDON, Dec 19 (Reuters) - Prices for Norway's Johan Sverdrup crude soared on Tuesday, a move traders said could be linked to mounting concerns around the security of crude flows into Europe following maritime attacks by Yemen's Houthis in the Red Sea.

Read more
19 Dec 2023 19:10

US launches Red Sea force as ships reroute to avoid attacks

Crisis is spillover from Israel-Hamas war

*

Read more
19 Dec 2023 17:14

Shippers mask positions, weigh options amid Red Sea attacks

Dec 19 (Reuters) - A number of container ships are anchored in the Red Sea and others have turned off tracking systems as traders adjust routes and prices in response to maritime attacks by Yemen's Iran-aligned Houthis on the world's main East-West trade route.

Read more
19 Dec 2023 17:01

LONDON MARKET CLOSE: Stocks close higher ahead of UK inflation data

(Alliance News) - Stock prices in Europe closed higher on Tuesday, after data confirmed that the eurozone is inching closer towards its 2% inflation targets.

Read more
19 Dec 2023 15:02

London close: Stocks manage gains amid holiday slowdown

(Sharecast News) - London's financial markets showed resilience on Tuesday, maintaining positive momentum despite the usual holiday slowdown.

Read more
19 Dec 2023 13:18

UK warns of deteriorating security in Red Sea, Royal Navy ship joins taskforce

LONDON, Dec 19 (Reuters) - Britain warned that the security situation in the Red Sea was deteriorating and ballistic missile and drone attacks were an increased threat, as it agreed for a Royal Navy Destroyer to join a U.S.-led operation to safeguard commerce in the region.

Read more
19 Dec 2023 11:49

LONDON MARKET MIDDAY: FTSE 100 flat; Eurozone inflation cools to 2.4%

(Alliance News) - Stock prices in London were mixed at midday Tuesday, despite news that the eurozone's inflation is edging closer to its 2% target.

Read more
19 Dec 2023 08:47

LONDON MARKET OPEN: Stocks rise as investors pin hopes on US rate cuts

(Alliance News) - Stock prices in London opened higher on Tuesday, with sentiment still buoyed by expectations of rate cuts in the US.

Read more
18 Dec 2023 18:18

Red Sea attacks force rerouting of vessels, disrupting supply chains

Houthis launched series of attacks, latest on Monday

*

Read more
18 Dec 2023 17:40

Europe Gasoline/Naphtha-Margins slip as Red Sea attacks push oil higher

LONDON, Dec 18 (Reuters) - Northwest European gasoline refining slipped by about $1 to $8.6 a barrel as underlying crude prices rose 3% on mounting attacks on ships in the Red Sea.

Trades   Bids     Offers   Prev.    Sellers  Buyers
(vol.) Trades
Ebob $727.50
Barges
MOC
Platts E5
(fob ARA)
<EUROBOB-
ARA>
Ebob $728
Barges
E10
Platts(fo
b ARA)
Ebob $735.50 Varo, Trafigu
Barges (4KT) Glencor ra
Argus e
E5(fob
AR)
Ebob $727 Shell, Varo,
Barges 11KT Exxon Totsa
E10 Argus
(fob AR)
Jan. swap $741.25 $725.25
fob ARA
Premium
Unleaded
(fob ARA)
<PU-10PP-
ARA>
Cargoes
(fob MED)
Cargoes
(cif NWE)
Naphtha Jan
(cif NWE) +$14
<NAF-C-NW
E>

Ebob crack (per barrel) $8.6 Prev. $9.7
Brent futures
Rbob
Rbob crack <RBc1-CLc1>
(Reporting by Ahmad Ghaddar; Editing by Mark Porter)

Read more
18 Dec 2023 16:55

LONDON MARKET CLOSE: FTSE 100 outperforms European peers

(Alliance News) - Stock prices in London closed higher on Monday, after investors shrugged off hawkish comments from US Federal Reserve officials amid festive cheer.

Read more
18 Dec 2023 12:52

Red Sea attacks force rerouting of vessels, disrupting supply chains

DUBAI, Dec 18 (Reuters) - Mounting attacks by the Iran-aligned Yemeni Houthi militant group on ships in the Red Sea are disrupting maritime trade as leading global freight firms reroute around the Cape of Good Hope to avoid the Suez canal.

Read more
18 Dec 2023 11:50

BP becomes latest to pause Red Sea shipments as attacks continue

(Sharecast News) - BP has announced that it is halting all oil shipments through the Red Sea, becoming the latest company to pause regional routes after a series of targeted attacks by Yemen's Houthi rebels.

Read more
14 Dec 2023 07:43

LONDON BRIEFING: Eyes on BoE and ECB; US Fed signals 2024 rate cuts

(Alliance News) - Stocks are called to open higher on Thursday, after the US Federal Reserve chose not to surprise markets with its latest interest rate decision.

Read more
13 Dec 2023 23:16

Newcomer Elysian, Petrobras notch big wins in Brazil oil auction

RIO DE JANEIRO, Dec 13 (Reuters) - Oil companies including Elysian along with veterans Petrobras and Chevron snapped up the most blocks up for grabs in Brazil's latest offshore oil auction marked by climate protests, as the South American nation looks to replenish reserves with new discoveries.

Read more

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