- Oct 17, 2011
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Not only does this move go against the grain of free market forces, but We The People have to pick up the tab on bribing these companies to give up their plans.
The U.S. Department of the Interior said it will pay a total of $885 million to Bluepoint Wind and Golden State Wind to voluntarily end their offshore wind leases, with both agreeing to instead invest in “reliable conventional energy projects.”
The move follows a similar $1-billion deal with the French firm TotalEnergies — which agreed in March to walk away from offshore wind leases off the North Carolina and New York coasts — and is yet another escalation of President Trump’s efforts to obstruct clean energy projects in favor of oil, gas and coal.
The California project was expected to generate up to 2 gigawatts of clean offshore wind energy, or enough to power about 1.1 million homes, according to the company, which is a joint venture between developers Ocean Winds and Reventus Power.
Under the agreement, the company will be eligible to recover about $120 million in lease fees after it makes an equal investment to develop U.S. oil and gas assets, energy infrastructure or liquefied natural gas projects along the Gulf Coast, the Interior Department said. [So this also transfers the money Golden State Wind was going to spend in the Golden State somewhere else.]
New Jersey-based Bluepoint Wind is a partnership between Ocean Winds and Global Infrastructure Partners, which is part of BlackRock. Its project was 2.4-gigawatt wind farm in the early stages of development off the coast of New Jersey and New York.
In its place, the company has committed to invest up to $765 million in a U.S.-based liquefied natural gas facility, the amount of its original wind power bid under the Biden administration. The government will reimburse the company for the full amount of its investment upon completion.
We The People are literally building this facility for a private company.
Both companies have “decided not to pursue any new offshore wind developments in the United States,” the Interior Department said.
Interior Secretary Doug Burgum, who has also been critical of offshore wind, said Monday the industry was “propped up by massive taxpayer subsidies” when the companies bid for their leases in 2022. [How about the 100% taxpayer subsidy you're replacing it with?]
- The Trump administration is paying $885 million to two energy companies to abandon offshore wind leases, including a project off Morro Bay developed by Golden State Wind.
- Golden State Wind will recover $120 million in lease fees after investing equally in oil and gas projects, while Bluepoint Wind commits $765 million to a liquefied natural gas facility.
- The agreement follows a similar $1-billion deal with TotalEnergies and reflects the administration’s opposition to offshore wind development along U.S. coasts.
The U.S. Department of the Interior said it will pay a total of $885 million to Bluepoint Wind and Golden State Wind to voluntarily end their offshore wind leases, with both agreeing to instead invest in “reliable conventional energy projects.”
The move follows a similar $1-billion deal with the French firm TotalEnergies — which agreed in March to walk away from offshore wind leases off the North Carolina and New York coasts — and is yet another escalation of President Trump’s efforts to obstruct clean energy projects in favor of oil, gas and coal.
The California project was expected to generate up to 2 gigawatts of clean offshore wind energy, or enough to power about 1.1 million homes, according to the company, which is a joint venture between developers Ocean Winds and Reventus Power.
Under the agreement, the company will be eligible to recover about $120 million in lease fees after it makes an equal investment to develop U.S. oil and gas assets, energy infrastructure or liquefied natural gas projects along the Gulf Coast, the Interior Department said. [So this also transfers the money Golden State Wind was going to spend in the Golden State somewhere else.]
New Jersey-based Bluepoint Wind is a partnership between Ocean Winds and Global Infrastructure Partners, which is part of BlackRock. Its project was 2.4-gigawatt wind farm in the early stages of development off the coast of New Jersey and New York.
In its place, the company has committed to invest up to $765 million in a U.S.-based liquefied natural gas facility, the amount of its original wind power bid under the Biden administration. The government will reimburse the company for the full amount of its investment upon completion.
We The People are literally building this facility for a private company.
Both companies have “decided not to pursue any new offshore wind developments in the United States,” the Interior Department said.
Interior Secretary Doug Burgum, who has also been critical of offshore wind, said Monday the industry was “propped up by massive taxpayer subsidies” when the companies bid for their leases in 2022. [How about the 100% taxpayer subsidy you're replacing it with?]
