Trump Administration Halts Offshore Wind Projects by Repurchasing Leases
· Telemundo McAllen (KTLM)
The Trump administration announced on Wednesday that it is repurchasing offshore wind leases from another energy company in U.S. waters for four additional projects, as it seeks to discourage the expansion of wind energy in favor of fossil fuels. The latest agreement raises the total spending on these leases to nearly $2.6 billion. Chicago-based Invenergy has agreed to terminate its four offshore wind leases, which were in the very early stages of development, in exchange for lease fee reimbursements totaling $765 million. The company had already canceled the largest of the four, Leading Light Wind, off the coast of New Jersey, with the others located off the coasts of Maine and California. Instead, it will invest that money in natural gas and geothermal projects that can be built more quickly. By repurchasing the leases, the Republican government is stalling offshore wind farms that President Donald Trump does not support and redirecting funds to fossil fuel projects that he does. This strategy was adopted after federal courts thwarted Trump's attempts to halt offshore wind development through executive actions. Trump has frequently expressed his disdain for wind energy, calling the turbines ugly.
AI summary · Source: Telemundo McAllen (KTLM) →
