Trump pays $765 million to end California offshore wind and fund gas/geothermal

The Trump administration will reimburse Invenergy $765 million to terminate four offshore wind leases, including the Morro Bay lease off California, and redirect investments to natural-gas-fired power and geothermal projects. The move marks a continued effort to wind down the U.S. offshore wind program and faces criticism from California officials and environmental groups who argue it undermines clean-energy goals and could invite legal challenges over taxpayer funds; only three California offshore wind leases remain, underscoring a shift driven by policy and market dynamics toward gas and geothermal.