The US Department of the Interior announced a settlement with Invenergy affiliates in which the company will terminate four offshore wind leases in the New York Bight, California, and the Gulf of Maine. The leases are valued at about $765 million.
In exchange, Invenergy will redirect that investment into other domestic energy projects, including natural gas power plants in several Midwestern states and geothermal development in the Western United States. The agreement is framed as part of a broader push to prioritize “reliable” baseload energy sources and reduce reliance on offshore wind projects, which officials argue depend heavily on subsidies and face cost and security concerns.
Supporters of the deal say it will strengthen US energy security, lower costs, and benefit taxpayers by shifting capital toward more dependable energy infrastructure. Critics and industry observers see it as a major policy shift away from offshore wind and toward fossil fuel and geothermal expansion.
