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Trump administration to pay 2 more companies to walk away from US offshore wind leases
Posted on 4/27/26 at 4:54 pm
Posted on 4/27/26 at 4:54 pm
quote:
WASHINGTON (AP) — The Trump administration announced two more payouts Monday for energy companies to walk away from U.S. offshore wind projects under development.
Bluepoint Wind and Golden State Wind have agreed to end their offshore wind leases in exchange for reimbursements totaling nearly $900 million. Both companies have decided not to pursue any new offshore wind projects in the United States, the Interior Department announced Monday.
Bluepoint Wind is an offshore wind project in the early stages of development off the coasts of New Jersey and New York, while Golden State Wind is a floating offshore wind project proposed off California’s central coast.
Interior said it’s following the model of its recent deal with the French energy company TotalEnergies, which is getting a $1 billion payout to walk away from projects off the coasts of North Carolina and New York. TotalEnergies agreed in March to what’s essentially a refund of its leases, and will invest the money in fossil fuel projects instead.
quote:
Both Bluepoint and Golden State are co-owned by Ocean Winds, a joint venture of EDP Renewables and global energy giant Engie. Bluepoint’s lease cost $765 million, while Golden State Wind will be eligible to recover approximately $120 million in lease fees, Interior said.
Interior Secretary Doug Burgum said companies were sold a product that was only viable when propped up by massive taxpayer subsidies when they bid for these offshore wind leases in 2022, under former President Joe Biden.
quote:
Bluepoint Wind is a partnership between Ocean Winds and Global Infrastructure Partners. Global Infrastructure Partners, a part of investment giant BlackRock, has committed to invest up to $765 million into a U.S.-based liquefied natural gas facility. Interior said it would cancel the offshore wind lease and reimburse the company for the amount invested in the LNG project.
Golden State Wind is a joint venture by Ocean Winds and the Canada Pension Plan Investment Board. Under its agreement, Golden State Wind can recover about $120 million in lease fees after the same amount is invested in oil and gas assets, infrastructure or projects along the Gulf Coast, Interior said.
The companies said they appreciated the constructive engagement with the administration.
LINK
3
Posted on 4/27/26 at 4:55 pm to ragincajun03
Why are we paying them anything?
Let them go bankrupt
Let them go bankrupt
Posted on 4/27/26 at 4:56 pm to ragincajun03
So I give a frick why?
Posted on 4/27/26 at 4:58 pm to Cosmo
I’m assuming we were under contract to pay for goods and services. To break the contract, the company needed compensation for work done and materials obtained.
Posted on 4/27/26 at 5:00 pm to Cosmo
quote:
Why are we paying them anything?
Because the administration doesn’t want them to build wind farms, but those companies already forked over huge sums of cash to win the lease bids in 2022, so the U.S. government is basically giving them back the money they already paid.
Posted on 4/27/26 at 5:06 pm to Cosmo
Probably because of signed contracts under Biden idiots????
Oh, and the same fricking reason Biden used our tax dollars to pay the contractors building the wall to sit on their asses and do nothing while the already purchased materials for the wall sat and fricking rusted.
If our society wasn't programmed to have the attention span of a fricking rock, we'd remember this shite and demonstrate the appropriate level of outrage as that same ideology actively seeks to assassinate the greatest POTUS we've ever had!
Oh, and the same fricking reason Biden used our tax dollars to pay the contractors building the wall to sit on their asses and do nothing while the already purchased materials for the wall sat and fricking rusted.
If our society wasn't programmed to have the attention span of a fricking rock, we'd remember this shite and demonstrate the appropriate level of outrage as that same ideology actively seeks to assassinate the greatest POTUS we've ever had!
This post was edited on 4/27/26 at 5:10 pm
Posted on 4/27/26 at 5:11 pm to ragincajun03
so dumb yet again.
Just throwing away money because "wind bad". There is no reason we can't build 2 things.
Just throwing away money because "wind bad". There is no reason we can't build 2 things.
Posted on 4/27/26 at 5:18 pm to Cosmo
quote:
Why are we paying them anything?
probably some of that pesky legal language in the contract?
Posted on 4/27/26 at 5:30 pm to Tigers0918
quote:
There is no reason we can't build 2 things
quote:
propped up by massive taxpayer subsidies
I'm fine with giving them their initial investment back and not paying years of subsidies.
Posted on 4/27/26 at 5:50 pm to DMAN1968
We subsidize oil and gas to the tune of $35 billion a year. If the country doesn’t want to pay for wind and solar, that’s fine, but cut Exxon, Shell, etc. Let them compete with other sources on an even playing field. Let capitalism happen.
China’s investing huge in solar and electric cars. I guarantee it’s not because they’re “woke” or that they give a shite about the environment.
China’s investing huge in solar and electric cars. I guarantee it’s not because they’re “woke” or that they give a shite about the environment.
Posted on 4/27/26 at 6:21 pm to ragincajun03
If a private company is under contract to do a job and the federal government stops it for no reason, it only makes sense that they’d get payment from the government
Maybe the government needs to stop halting these projects.
Maybe the government needs to stop halting these projects.
Posted on 4/27/26 at 6:27 pm to Cosmo
quote:
Why are we paying them anything?
Refunding their money.
Posted on 4/27/26 at 6:29 pm to SlidellCajun
quote:
Maybe the government needs to stop halting these projects.
How much are we saving in future subsidies?
Posted on 4/27/26 at 7:04 pm to Jesterea
quote:
China’s investing huge in solar and electric cars. I guarantee it’s not because they’re “woke” or that they give a shite about the environment.
And have completely abandoned windmill manufacturing sites. If liberals saw the workers living conditions at these places they would go ape shite if it were a corporation. But instead it's the CCP and they ignore the slave labor used to build their windmills.
Posted on 4/27/26 at 7:54 pm to imjustafatkid
Are you against subsidies?
Lots of companies get subsidies.
Lots of companies get subsidies.
Posted on 4/27/26 at 7:58 pm to imjustafatkid
quote:
How much are we saving in future subsidies?
Basically nothing. Those MWh need to come on line one way or another and since they’re all subsidized it’ll just go a different direction.
Posted on 4/27/26 at 9:14 pm to SlidellCajun
quote:
Are you against subsidies?
Lots of companies get subsidies.
Depends on the type. I'm generally against direct government funding of private entities, but do realize there has to be some of this at the federal level for national security concerns.
I have no problem with the types of "subsidies" that are essentially just future tax breaks contingent on performance.
Posted on 4/27/26 at 9:28 pm to Cosmo
quote:Read the article. Basically giving them their lease money back.
Why are we paying them anything?
quote:
TotalEnergies agreed in March to what’s essentially a refund of its leases
Posted on 4/27/26 at 9:40 pm to SlidellCajun
quote:
government needs to stop halting these projects.
Unless, and hear me out on this, IT COSTS WAY MORE TO KEEP SUBSIDIZUNG THEM!
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