As the Trump administration considers shelling out billions to shutter offshore wind projects, energy executives are facing the uncomfortable reality that renewable energy may no longer be a viable business in the U.S.
Earlier this week, Trump’s Department of the Interior said it would pay offshore wind ventures Bluepoint Wind and Golden State Wind a total of $885 million—in what essentially amounts to a refund—to walk away from their respective offshore wind leases. The announcement comes after the administration last month struck a similar $1 billion deal under the same terms with French energy company TotalEnergies, bringing total reimbursements the administration has promised to offshore wind ventures to nearly $2 billion. All three ventures pledged to redirect the money they would have invested in wind into fossil fuel projects like liquefied natural gas (LNG), oil, and gas, and agreed not to pursue any more offshore wind ventures in the U.S., according to the Department of the Interior.
