The two projects are Bluepoint Wind, an offshore wind project in early development off the coasts of New Jersey and New York, and Golden State Wind, a floating offshore wind project proposed off California’s central coast, multiple sources reported. Both are co-owned by Ocean Winds, a joint venture of EDP Renewables and Engie. Bluepoint's lease cost $765 million, while Golden State Wind will be eligible to recover approximately $120 million in lease fees.
The administration previously made a deal with French company TotalEnergies, which is getting a $1 billion payout to walk away from projects off the coasts of North Carolina and New York, according to multiple reports. TotalEnergies agreed in March to essentially a refund of its leases and will invest the money in fossil fuel projects instead. Democrats in Congress are investigating the TotalEnergies agreement.
Unable to defend its offshore wind actions in court, the administration is using taxpayer dollars to buy foreign companies out of legally executed offshore wind leases. Costs to consumers’ pocketbooks are staggering.
The administration's actions come amid legal battles over wind project halts. A federal judge vacated Trump’s executive order blocking wind energy projects in December, declaring it unlawful, multiple sources reported. The administration ordered that construction stop on five major East Coast offshore wind projects, citing national security concerns.
Federal judges allowed all five projects to resume construction, concluding that the government didn’t show that the national security risk was so imminent that construction must halt. Interior Secretary Doug Burgum said companies were sold a product that was only viable when propped up by massive taxpayer subsidies when they bid for these offshore wind leases in 2022, under former President Joe Biden. The California Energy Commission issued an administrative subpoena to Golden State Wind seeking documents about the company's agreement with the Department of Interior, according to multiple reports.
Our priority remains disciplined capital allocation and delivering reliable energy solutions that create longterm value for ratepayers, partners, and shareholders.
California has invested about $100 million to support offshore wind development. S. offshore wind projects.
Meanwhile, Vineyard Wind completed construction on all 62 turbines, and Revolution Wind began delivering its first megawatts of power to the New England grid on Friday. Neither company will pursue new offshore wind projects in the US, according to the announcement, as reported by major media. Global Infrastructure Partners committed to invest up to $765m into a US-based liquefied natural gas facility, according to major media.
Now that hardworking Americans are no longer footing the bill for expensive, unreliable, intermittent energy projects, companies are once again investing in affordable, reliable, secure energy infrastructure.
Sam Salustro, senior vice-president of pro-offshore wind group Oceanic Network, said in a statement: "Unable to defend its offshore wind actions in court, the administration is using taxpayer dollars to buy foreign companies out of legally executed offshore wind leases. " David Hochschild, chair of the California Energy Commission, said in a statement: "The Trump administration is recklessly spending billions of taxpayer dollars on backroom deals that would turn back the clock on innovation. Californians deserve immediate answers about the nature of this payout.
The Trump administration is recklessly spending billions of taxpayer dollars on backroom deals that would turn back the clock on innovation. Californians deserve immediate answers about the nature of this payout. Taxpayer dollars should be used to build a sustainable energy future, not to pay to make projects disappear.