Wind

The Trump administration will pay energy companies hundreds of millions of dollars to abandon their plans to build two wind farms off the U.S. coast, the Interior Department said Monday, in a repeat of a tactic the government used to cancel other offshore wind leases last month.

The firms will forfeit their leases in federal waters for the two wind farms, one of which would have been built off New York and New Jersey and the other off California. The government will reimburse the companies a combined $885 million, the amount they paid for the leases under the Biden administration.

In exchange, the companies have pledged to invest that money in oil and gas projects, including liquefied natural gas facilities along the Gulf Coast.