Today, the Department of the Interior announced a settlement agreement with affiliates of Invenergy, North America's largest privately held developer, owner, and operator of independent power infrastructure, aimed at strengthening American security and lowering costs, advancing goals central to President Donald Trump's Energy Dominance Agenda.
As part of the settlement agreement, Invenergy will voluntarily terminate its affiliates' four offshore wind leases located in the New York Bight, Central Coast of California and the Gulf of Maine totaling $765 million, and redirect that amount towards other domestic energy sources with the demonstrated capability to deliver reliable, affordable power, including the development of natural gas-fired power plants in Indiana, Wisconsin, Iowa, Kansas, and Missouri and geothermal power generation projects in the Western U.S.
These landmark settlement agreements provide partial reimbursement for offshore wind leases that required significant taxpayer support. By ending these leases and encouraging investment in reliable, cost-effective conventional energy sources, the settlement agreements promote mutually beneficial projects designed to deliver strong returns for American taxpayers.
"President Trump is committed to unleashing affordable, reliable American energy for our country's communities and putting the American people first through common-sense action," said Secretary of the Interior Doug Burgum. "The offshore wind leases were sold under the assumptions that taxpayers would indefinitely subsidize costly, unreliable projects and that no national security concerns were implicated - both assumptions have since been proven false. Under President Trump, companies are shifting investment back toward dependable, secure energy infrastructure that can power our economy and lower utility costs. We applaud Invenergy for recognizing the importance of baseload power and investing in energy solutions that deliver real benefits to American consumers."
"Today marks a significant step in advancing President Trump's energy agenda and lowering energy prices for Americans," said Department of Justice Associate Attorney General Stanley Woodward. "By ending these offshore wind leases and pivoting investment toward dependable natural gas infrastructure in multiple states, Invenergy is helping revitalize American energy and national security. The Department of Justice looks forward to continued cooperation from companies that are reevaluating their energy investments."
"At a time of unprecedented energy demand, Invenergy is focused on delivering reliable, affordable energy for our customers and supporting disciplined investment at scale. That is why Invenergy, with our affiliates and on behalf of our various stakeholders, will deploy additional capital into projects that can be delivered on a commercially reasonable timeline and meet customer demand while continuing to evaluate opportunities as market conditions evolve," said Daniel Runyan, Invenergy's Senior Vice President for Development.
