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Code of Federal Regulations Title 30. Mineral Resources § 30.585.220 What auction format may BOEM use in a lease sale?

Current as of October 02, 2022 | Updated by FindLaw Staff

(a) Except as provided in § 585.231, we will hold competitive auctions to award renewable energy leases and will use one of the following auction formats, as determined through the lease sale process and specified in the Proposed Sale Notice and in the Final Sale Notice:

Type of auction

Bid variable

Bidding process

(1) Sealed bidding

A cash bonus or an operating fee rate

One sealed bid per company per lease or packaged bidding unit.

(2) Ascending bidding

A cash bonus or an operating fee rate

Continuous bidding per lease.

(3) Two-stage bidding (combination of ascending and sealed bidding)

An operating fee rate in one, both, or neither stage and a cash bonus in one, both, or neither stage

Ascending or sealed bidding until:

(i) Only two bidders remain, or

(ii) More than one bidder offers to pay the maximum bid amount.

Stage-two sealed or ascending bidding commences at some predetermined time after the end of stage-one bidding.

(4) Multiple-factor bidding

Factors may include, but are not limited to: technical merit, timeliness, financing and economics, environmental considerations, public benefits, compatibility with State and local needs, cash bonus, rental rate, and an operating fee rate

One proposal per company per lease or packaged bidding unit.

(b) You must submit your bid and a deposit as specified in §§ 585.500 and 585.501 to cover the bid for each lease area, according to the terms specified in the Final Sale Notice.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 30. Mineral Resources § 30.585.220 What auction format may BOEM use in a lease sale? - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-30-mineral-resources/cfr-sect-30-585-220/

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