Trump pays $765 million to end California offshore wind and fund gas/geothermal
TL;DR
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.
Topics:businessclimate-and-environment#california#climate-and-environment#energy-policy#fossil-fuels#offshore-wind#subsidies
- Trump administration pays $765M to kill more offshore wind projects, including one off California Los Angeles Times
- Trump Administration to Pay $765 Million to Cancel 4 More Wind Projects The New York Times
- Interior Announces New Energy Agreement to Strengthen American Energy Security and Lower Costs U.S. Department of the Interior (.gov)
- Trump administration to buy back another energy company's offshore wind leases for 4 more projects AP News
- Trump administration to pay $765mn to scuttle offshore wind projects Financial Times
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