Multiple-Factor Bidding Auction Sample Clauses

Multiple-Factor Bidding Auction. As authorized under 30 CFR 585.220(a)(4) and 585.221(a)(6), BOEM proposes to use a multiple-factor auction format for this lease sale. Under XXXX’s proposal, the bidding system for this lease sale would be a multiple-factor combination of monetary and non-monetary factors. The bid made by a particular bidder in each round would represent the sum of the monetary factor (cash bid) and the value of any non-monetary factors in the form of bidding credits. XXXX proposes to start the auction using the minimum bid price for the Lease Areas and to increase these prices incrementally until only one bidder remains bidding on each Lease Area in the auction. XXXX is proposing to grant bidding credits to bidders that commit to one or both of the following: i. Supporting workforce training programs for the offshore wind industry or developing a domestic supply chain for the offshore wind industry, or a combination of both; or ii. Establishing and contributing to a fisheries compensatory mitigation fund or contributing to an existing fund to mitigate potential negative impacts to commercial and for-hire recreational fisheries caused by OCS offshore wind development in the Gulf of Mexico. These bidding credits are intended to: i. Enhance, through training, the offshore wind workforce and/or enhance the establishment of a domestic supply chain for offshore wind manufacturing, assembly, or services, both of which will contribute to the expeditious and orderly development of offshore wind resources on the OCS; ii. Support the expeditious and orderly development of OCS resources by mitigating potential direct impacts from proposed projects and encouraging the investment in infrastructure germane to the offshore wind industry; and iii. Minimize potential economic effects on commercial fisheries impacted by potential offshore wind development, as cooperation with commercial fisheries impacted by OCS operations will enable development of the Lease Area to advance. i. If a bidder decides to bid on a different Lease Area in a subsequent round of the auction, it may submit a bid for the Lease Area it bid on in the previous round and, simultaneously, submit a bid for another Lease Area. This allows a bidder the option to switch to another Lease Area if the price of the first Lease Area exceeds the specified bid price. ii. Provisional winners will no longer be determined using a two-step process. The auction rules are implemented in a way such that, when the auction concludes, the bi...
Sample 1
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Multiple-Factor Bidding Auction. As authorized under 30 CFR 585.220(a)(4) and 585.221(a)(6), BOEM proposes to use a multiple-factor auction format for this lease sale. Under XXXX’s proposal, the bidding system for this lease sale will be
Sample 1
Multiple-Factor Bidding Auction. BOEM will use a multiple factor auction format for this lease sale. Under 30 CFR § 585.113, a multiple factor auction means an auction that involves the use of factors other than cash, such as bidding credits, to incentivize goals or actions that support public policy objectives or maximize public benefits through the competitive leasing auction process. For any multiple factor auction, the monetary value of the bidding credits, if any, is added to the value of the cash bids to determine the highest bidder. The bid made by a particular bidder in each round of this lease sale will represent the sum of the monetary factor (cash bid) and the value of any non-monetary factors in the form of bidding credits. Bidders will be subject to a ‘one-per-customer’ rule, meaning that each bidder can acquire at most one lease area. BOEM will start the auction using the minimum bid price for each lease area and will increase prices incrementally until no more than one bidder remains bidding on each Lease Area in the auction. BOEM is not revising the bidding credit percentages from those proposed in the PSN: a 15 percent workforce training and/or supply chain bid credit, a 5 percent Lease Area Use Community Benefit Agreement (CBA) bid credit and a 5 percent general CBA bid credit. The total of all offered bidding credits remains at 25 percent. For this sale, BOEM is calculating bidding credits as a percentage of the whole bid, which is a change from the method used in prior sales, where bidding credits were calculated as a percentage of the cash portion of the bid. The intended purpose of this change is to simplify the bidding credit calculation. BOEM will grant bidding credits to bidders that commit to one or more of the following, subject to review of the bidder’s BFF and Conceptual Strategy. i. Supporting workforce training programs for the floating offshore wind industry or supporting the development of a domestic supply chain for the floating offshore wind industry, or a combination of both; or
Sample 1
Multiple-Factor Bidding Auction. As authorized under 30 CFR 585.220(a)(4) and 585.221(a)(6), BOEM proposes to use a multiple-factor auction format for this lease sale. Under XXXX’s proposal, the bidding system for this lease sale will be a combination of monetary and non-monetary factors. The bid made by a particular bidder in each round will represent the sum of the monetary factor (cash bid) and the value of any non-monetary factors in the form of bidding credits. XXXX proposes to start the auction using the minimum bid price for the Lease Areas and to increase these prices incrementally until no more than one bidder remains bidding on each Lease Area in the auction. For this sale, BOEM is calculating bidding credits as a percentage of the whole bid, which is a change from the method used in sales held prior to 2024, where bidding credits were calculated as a percentage of the cash portion of the bid. The intended purpose of this change is to simplify the bidding credit calculation. XXXX is proposing to grant bidding credits to bidders that commit to one or both of the following: i. supporting workforce training programs for the floating offshore wind industry or supporting the development of a domestic supply chain for the floating offshore wind industry, or a combination of both; or
Sample 1
Multiple-Factor Bidding Auction. As authorized under 30 CFR 585.220(a)(4) and 585.221(a)(6), BOEM proposes to use a multiple-factor bidding auction for this lease sale. Under XXXX’s proposal, the bidding system for this lease sale would be a multiple-factor combination of monetary and non-monetary factors. The bid made by a particular bidder in each round would represent the sum of a monetary (cash) amount and a non-monetary factor (bidding credit). XXXX proposes to start the auction using the minimum bid price for the Lease Areas and to increase that price incrementally until no more than one active bidder per Lease Area remains in the auction.
Sample 1
Multiple-Factor Bidding Auction. As authorized under 30 CFR 585.220(a)(4) and 585.221(a)(6), BOEM will use a multiple-factor auction format for this lease sale. The bidding system for this lease sale will be a multiple-factor combination of monetary and non-monetary factors. The bid made by a particular bidder in each round will represent the sum of the monetary factor (cash bid) and the value of any non-monetary factors in the form of bidding credits. Bidders will be subject to a ‘one-per-customer’ rule, meaning that each bidder can acquire at most one lease area. BOEM will start the auction using the minimum bid price for each lease area and will increase prices incrementally until no more than one bidder remains bidding on each lease area in the auction. In response to public comments, XXXX is revising the bidding credit percentages from those proposed in the PSN. The total bidding credits remain at 25 percent. BOEM is increasing the credit for contributing to a fisheries compensatory mitigation fund from 8 percent to 12.5 percent, and is reducing the credit for supporting offshore wind workforce training programs or supply chain development from 17 percent to 12.5 percent. These changes reflect the potential conflicts of offshore wind with commercial fisheries and the many existing efforts of state and other federal initiatives for offshore wind workforce training and supply chain development. For this sale, BOEM is calculating bidding credits as a percentage of the whole bid, which is a change from the method used in prior sales, where bidding credits were calculated as a percentage of the cash portion of the bid. The intended purpose of this change is to simplify the bidding credit calculation. BOEM will grant bidding credits to bidders that commit to one or both of the following, subject to review of the bidder’s BFF and Conceptual Strategy. i. Supporting workforce training programs for the offshore wind industry or supporting the development of a domestic supply chain for the offshore wind industry, or a combination of both; or ii. Establishing and contributing to a fisheries compensatory mitigation fund or contributing to an existing fund to mitigate potential negative impacts to commercial and for-hire recreational fisheries caused by OCS offshore wind development in the Atlantic. These bidding credits are intended to: i. Enhance, through training, the offshore wind workforce and/or enhance the establishment of a domestic supply chain for offshore wind manufacturing, assembly, o...
Sample 1

Related to Multiple-Factor Bidding Auction

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