Source: Fortune
Summary
The Trump administration has spent nearly $2 billion to get energy companies to abandon U.S. offshore wind projects. Democrats in Congress are investigating the deals, which include a $1 billion payout to French company TotalEnergies to invest in fossil fuel projects instead. The administration has also announced two other deals, totaling nearly $900 million, with companies Bluepoint Wind and Golden State Wind. The moves are seen as part of a broader campaign against offshore wind development in the U.S.
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The strategy enters a familiar phase.
The Trump administration is paying energy companies to walk away from offshore wind projects, a move that has drawn criticism from Democrats and environmental groups. TotalEnergies is getting $1 billion to invest in fossil fuels instead of wind energy. Bluepoint Wind and Golden State Wind are also abandoning their leases in exchange for reimbursements. The administration has been trying to halt offshore wind development through executive actions, but has been thwarted by federal courts. The lease buyouts appear to be a last attempt to close down as many offshore wind projects as possible.
The numbers tell a story of a deliberate effort to undermine the offshore wind industry in the U.S.
Author: Evan Null
