Trump Administration Will Pay to Cancel More Wind Farms
The New York Times • • business
Key Points:
- The Trump administration will pay energy companies $885 million to abandon plans for two offshore wind farms, one near New York and New Jersey and the other off California, reimbursing the firms for leases acquired under the Biden administration.
- In return, the companies have committed to investing the reimbursed funds in oil and gas projects, including liquefied natural gas facilities along the Gulf Coast.
- This action mirrors a recent deal with TotalEnergies, which forfeited leases for wind projects off New York and North Carolina in exchange for fossil fuel investments.
- The agreements represent a significant use of taxpayer money to curtail offshore wind development, a clean energy source opposed by President Trump, who has made unfounded claims against offshore wind turbines.
- The administration's direct deals with developers may be a strategy to bypass legal challenges after courts struck down previous attempts to halt offshore wind projects.
