The federal government auctioned off Atlantic Ocean real estate last week as large as Philadelphia, New York City, Boston and Chicago combined. Most of the businesses willing to pay very high prices are European, continuing dominance by foreign companies.
. Atlantic Shores LLC already has the development rights to one of the largest ocean tracts off the U.S. coast. Its 183,000-acre tract off southern New Jersey has enough space to produce up to 2.3 gigawatts of energy.approved Atlantic Shores' first phase of development on that tract
. The BPU approved Atlantic Shores to build out about 110 turbines that will produce 1.5 gigawatts of power. That's enough for 700,000 homes, the company says. The project is now undergoing extensive federal permitting and environmental reviews. It is the largest single development approved by a state, and only the third overall.Seventeen federally leased areas are off the coasts of eight U.S. states, as of December 2021.