US redirects $885 million from offshore wind to oil and gas investments

Summary

Two offshore wind developers have agreed to cancel their projects and redirect $885 million towards investments in U.S. fossil fuels. This decision follows negotiations with former President Trump, marking a significant shift in funding from renewable energy to traditional energy sources.

Recent Coverage

• Trump Cancels More Wind Leases

  RigZone • Apr 28

• US to end more offshore wind leases in exchange for fossil fuel investments

  Reuters Energy • Apr 27

• US steers another $885 million from offshore wind to oil and gas

  Upstream Online • Apr 27

• US Government Scraps Two Offshore Wind Leases for Fossil Fuel Investment Pledge

  OE Digital • Apr 27