The Trump administration will compensate energy companies with $885 million for the cancellation of two planned offshore wind farms, while the companies in turn agree to invest the money in oil and gas projects.
“The agreements build on a similar deal made last month with French energy giant TotalEnergies,” the New York Times reports. 
“TotalEnergies has given up its leases for two wind projects planned off the coasts of New York and North Carolina, while committing to a series of investments in fossil fuels.”
The first new deal affects Bluepoint Wind, a wind farm in the early stages of development off the coast of New York and New Jersey. The project was proposed by Global Infrastructure Partners, part of BlackRock’s asset management firm, and Ocean Winds, itself a joint venture between Engie and EDP Renewables, two European clean energy companies. The second deal will cancel Golden State Wind, another early-stage venture off the central coast of California. Golden State Wind is a 50-50 partnership between developers Ocean Winds and Reventus Power.
Both Bluepoint Wind and Golden State Wind have agreed not to proceed with new offshore wind projects in the United States. Ocean Winds is also developing another giant wind farm, known as SouthCoast Wind, off Martha's Vineyard, Massachusetts, which is well ahead in the planning and permitting process.
That project is not affected by Monday's announcement, although it has been essentially halted since Trump took office last year.
It is also unclear how much the companies will invest in new fossil fuel infrastructure. In documents published this month, Interior revealed that it would count investments made by TotalEnergies before the deal towards its commitment, raising questions about whether the company had obligations to make additional investments.
Although the press releases will range from very select to rare, I said I'd pass...because sometimes the editors hide.
