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DOI says companies agreed to reimburse taxpayers for two offshore wind leases
Summary
The Department of the Interior announced two voluntary cancellation deals for offshore wind leases with dollar-for-dollar reimbursement, saying the leases were not viable without taxpayer subsidies and that companies pledged to shift investment toward liquefied natural gas (LNG); company names and reimbursement amounts were not specified.
The Department of the Interior announced in its "Inside Interior" update that it reached two voluntary deals under which companies will reimburse taxpayers dollar-for-dollar for offshore wind leases the department said were not viable without subsidies. The department said the companies pledged to redirect investment toward liquefied natural gas (LNG).
The update framed the moves as delivering taxpayer returns and lowering energy costs. It described the cancellations as "voluntary" and said companies would shift investment "away from costly intermittent power and back to proven reliable American energy," language used in the segment. The department did not identify the companies involved in the deals in this segment, nor did it provide monetary totals or legal texts of the agreements; those specifics were not specified in the transcript.
