Planet Money
Wind boom, wind bust (Two Windicators)
Mar 13, 2024
The wind power landscape is currently a mix of highs and lows. The Gulf of Mexico's recent offshore wind lease auction revealed lofty expectations but surprisingly low bids, exposing market dynamics. Despite these setbacks, the sector promises growth, particularly for wind turbine service technicians, projected as the fastest-growing job in the U.S. Challenges like competition from cheaper energy and environmental factors complicate development, yet there's optimism about clean energy jobs and the future of wind power.
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Quick takeaways
- Offshore wind auction in Gulf of Mexico flopped due to low bids, highlighting challenges in sparking new markets quickly.
- Rise of wind technician jobs as fastest-growing in the U.S. portrays lucrative career prospects in wind energy industry.
Deep dives
Offshore Wind Auction in the Gulf of Mexico
The podcast discusses the first-ever auction for offshore wind farms in the Gulf of Mexico managed by the Bureau of Ocean Energy Management. Despite high anticipation, the auction resulted in unexpectedly low bids, with one site selling for only five and a half million. The episode explores the factors contributing to the auction's outcome, such as competing energy sources like solar power, hurricane risks, and the nuances of the auction design.
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