By Matt Rooney
Whatever works, right?
According to a celebratory statement from the U.S. Department of the Interior, Save Jerseyans, the company Invenergy will relinquish offshore wind leases off the respective coasts of New York, California, and Maine. The total value of the leases comes in at approximately $765 million.
Rather than pursuing offshore wind development, Invenergy said it will invest that capital in new natural gas-fired power plants in Indiana, Wisconsin, Iowa, Kansas, and Missouri, as well as geothermal energy projects in the western United States.
The agreement represents one of the clearest examples yet of the Trump Administration’s emerging strategy for slowing the expansion of offshore wind. Rather than relying exclusively on litigation, administration officials have increasingly signaled a preference for negotiating buyouts and voluntary lease terminations with developers.
Interior Secretary Doug Burgum said the agreement advances President Donald Trump’s “Energy Dominance Agenda” by steering investment toward what the administration considers more reliable and affordable sources of electricity.
“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,” Burgum said in a statement. “Both assumptions have since been proven false.”
The Department of the Interior characterized the settlement as beneficial to taxpayers, arguing that offshore wind projects often depend on significant government support while delivering uncertain returns. Officials also cited concerns about reliability as electricity demand continues to rise nationwide.
Associate Attorney General Stanley Woodward praised Invenergy’s decision to pivot toward natural gas infrastructure, calling it a step toward strengthening both energy security and affordability.
Invenergy, one of the nation’s largest privately held energy developers, said the move reflects a focus on projects capable of meeting growing demand on commercially reasonable timelines.
“At a time of unprecedented energy demand, Invenergy is focused on delivering reliable, affordable energy for our customers and supporting disciplined investment at scale,” said Daniel Runyan, the company’s senior vice president for development.
The announcement marks another setback for the offshore wind industry, which has faced mounting political opposition, rising construction costs, supply chain challenges, and increased scrutiny from the Trump Administration since the president returned to office in January 2025.
Interior negotiated a similar agreement with TotalEnergies pertaining to mid-Atlantic offshore leases earlier this year. Administration officials have indicated they remain open to additional agreements with developers willing to abandon offshore wind projects in favor of conventional or dispatchable energy sources.
