Trending Now - Trump Administration Compensates Firms to Exit Offshore Wind Leases
WHO:
ABC News Business - The Trump administration, Bluepoint Wind, Golden State Wind, TotalEnergies, Ocean Winds, Reventus Power, Global Infrastructure Partners, BlackRock, Interior Secretary Doug Burgum, California Rep. Jared Huffman, Maryland Rep. Jamie Raskin, Laura Deehan, Adam Stern.
WHAT:
ABC News Business - The Trump administration announced payouts to two additional energy companies to abandon U.S. offshore wind projects.
Los Angeles Times - The total amount to be paid to Bluepoint Wind and Golden State Wind is $885 million.
Los Angeles Times - Bluepoint Wind will invest up to $765 million in a U.S.-based liquefied natural gas facility.
ABC News Business - The Trump administration announced payouts to two energy companies to abandon U.S. offshore wind projects.
Los Angeles Times - The total amount to be paid is $885 million to Bluepoint Wind and Golden State Wind.
Los Angeles Times - Golden State Wind will recover about $120 million in lease fees after investing in U.S. oil and gas assets.
Los Angeles Times - Bluepoint Wind will invest up to $765 million in a U.S.-based liquefied natural gas facility.
WHERE:
Los Angeles Times - The projects are located in federal waters off Morro Bay, California, and off the coasts of New Jersey and New York.
WHEN:
Los Angeles Times - The agreement with TotalEnergies occurred in March.
Los Angeles Times - The California offshore wind project was expected to generate up to 2 gigawatts of energy.
WHY:
Los Angeles Times - The companies agreed to abandon their projects to invest in “reliable conventional energy projects.”
Los Angeles Times - The companies agreed to abandon their projects to invest in “reliable conventional energy projects.”
Los Angeles Times - Interior Secretary Doug Burgum stated that the offshore wind industry was “propped up by massive taxpayer subsidies.”
HOW:
Los Angeles Times - The government will reimburse Bluepoint Wind for the full amount of its investment upon completion of the liquefied natural gas facility.
Los Angeles Times - The companies will receive reimbursements for their investments upon completion of new projects.
(UPDATED April 28, 2026 15:46 UTC)
The Trump administration has announced payouts totaling $885 million to two energy companies, Bluepoint Wind and Golden State Wind, to abandon their U.S. offshore wind projects. In exchange, Bluepoint Wind will invest up to $765 million in a liquefied natural gas facility, focusing on what they describe as "reliable conventional energy projects." The government will reimburse Bluepoint Wind for the full amount of its investment once the liquefied natural gas facility is completed.
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(UPDATED April 28, 2026 07:53 UTC)
The Trump administration has announced a significant payout of $885 million to two energy companies, Bluepoint Wind and Golden State Wind, to abandon their U.S. offshore wind projects located off the coasts of California, New Jersey, and New York. Golden State Wind will recover about $120 million in lease fees after its investments in U.S. oil and gas assets, while Bluepoint Wind plans to invest up to $765 million in a new U.S.-based liquefied natural gas facility. Interior Secretary Doug Burgum emphasized that this move is aimed at shifting focus towards more reliable conventional energy projects, as he noted that the offshore wind industry has relied heavily on taxpayer subsidies.