Trump Should Shove His Hot Air Where the Sun Shines
Summary
President Donald Trump has stopped new offshore wind energy projects and ended four existing wind leases by paying $765 million to the company Invenergy. His administration aims to focus more on energy sources like natural gas and geothermal power, arguing that offshore wind is expensive and slow to develop.Key Facts
- On January 20, 2025, President Trump’s administration withdrew all areas on the Outer Continental Shelf from new or renewed offshore wind leasing.
- The government agreed to pay Invenergy $765 million to cancel four offshore wind leases off New Jersey, Maine, and California.
- The total government spending to buy back offshore wind leases under Trump’s administration is nearly $2.6 billion.
- Invenergy plans to use the money to invest in natural gas plants in the Midwest and geothermal projects in the West.
- Interior Secretary Doug Burgum stated the deal aims to move toward more reliable and secure energy sources.
- Several states, including New York, sued the government, calling the lease buybacks a misuse of taxpayer money and a way to favor oil and gas over renewable energy.
- Offshore wind faces challenges like high costs, supply chain problems, and regulatory delays, but it still has mandates to provide significant capacity by 2040.
- The Department of Energy and the National Renewable Energy Laboratory warned that offshore wind requires large investments in infrastructure to grow.
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