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Chuck Schumer blasts Trump's $2.6 billion offshore wind buyback program: any blackouts in New York will 'rest' on his shoulders. Stock score locked: want to see it? Benzinga Rankings give you vital metrics on any stock - anytime. On Wednesday, Senate Minority Leader Chuck Schumer (D-N.Y.) criticized the Donald Trump administration's growing offshore wind lease buyback program. Join 45,000+ Investors 5,500+ Investors are Backing Personal Flying Cars, And You Can Too at $3.10/Share Doroni has 600+ pre-orders, FAA path cleared, and a full-scale prototype. Its H1-X fits in your garage and charges like an EV. Investors can buy in at $3.10/share. Schumer targets Trump over offshore wind cancellations. In a post on X, the New York Democrat said President Trump has "spent $2.6 billion in taxpayer money to kill offshore wind projects." He added that the developments represented "thousands of good union jobs, billions in economic development, and millions of homes worth of desperately needed electricity." Schumer also warned of potential consequences for New York's power grid. "And any blackouts in NY will now rest squarely on the shoulders of Donald Trump," he wrote. His comments came in response to an Associated Press report that the Trump administration has reached another agreement to buy back offshore wind leases, bringing the total value of such deals to nearly $2.6 billion. The U.S. Department of the Interior did not immediately respond to Benzinga's request for comments. Trump administration expands offshore wind buyback strategy. The latest agreement involves privately held energy developer Invenergy, which will receive $765 million in lease fee reimbursements for four offshore wind projects that were in the early stages of development. According to the administration, Invenergy plans to redirect capital toward natural gas facilities in Indiana, Wisconsin, Iowa, Kansas and Missouri, as well as geothermal projects in Western states. The deal follows earlier agreements with TotalEnergies (NYSE:TTE) and developers Golden State Wind and Bluepoint Wind. Together, the transactions have halted eight offshore wind projects. Energy security debate intensifies. Supporters of the administration argue that natural gas and geothermal projects can be deployed faster and provide more reliable electricity as power demand rises. Critics, however, contend that the policy undermines clean energy development and does little to address electricity needs in Northeastern states that would have benefited from offshore wind generation. Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Posted In: Private Market Opportunities Join 385,000+ Investors Join 40,000+ Investors Backing Next-Gen Lithium Extraction from $1,000 EnergyX's patented tech recovers 3x more lithium in days, not months. Backed by GM and a $5M DOE grant, they're scaling to commercial production. Invest starting at $1,000. 1.5M People Already Work Inside This Platform - Invest at $0.79/Share Immersed is the #1 app on Meta Quest, with 75,000+ on the Visor waitlist. Investors can buy pre-IPO shares at $0.79 and earn up to 20% bonus shares. Buy Shares of Rental Properties Starting at $20 and Join 300,000+ Investors Ark7 has funded $30M+ in property and paid $4M in dividends across 20 U.S. markets. Buy shares of curated rentals from $20. Invest $1,000 and receive a $50 bonus. 5,500+ Investors are Backing Personal Flying Cars, And You Can Too at $3.10/Share Doroni has 600+ pre-orders, FAA path cleared, and a full-scale prototype. Its H1-X fits in your garage and charges like an EV. Investors can buy in at $3.10/share. Own a Piece of Deloitte's #1 Fastest-Growing Software Company at $0.50/Share Mode Mobile has 50M+ users earning money from their phones and grew revenue 32,481% in 3 years. Investors can buy pre-IPO shares at $0.50 right now.

Another offshore wind company cancels Morro Bay project in deal with Trump. Updated June 18, 2026 9:50 AM Another offshore wind company has canceled its plans to deploy turbines off Morro Bay. Invenergy, which owns the Even Keel Wind project, agreed to end its lease in the Morro Bay Wind Energy Area, the company announced on Wednesday. Meanwhile, Invenergy will terminate its three other offshore wind projects in the New York Bight and the Gulf of Maine, and instead redirect $765 million from those projects to other domestic energy sources, the U.S. Department of Interior said in a news release. As part of the deal, Invenergy can recover "partial reimbursement" for those leases, the news release said without disclosing the amount. Now, Invenergy will instead invest in domestic natural gas-fired projects in Indiana, Wisconsin, Iowa, Kansas and Missouri and geothermal power generation projects in the western United States, the company said in a news release. "At a time of unprecedented energy demand, Invenergy is focused on delivering reliable, affordable energy for our customers and supporting disciplined investment at scale," Invenergy senior vice president of development Daniel Runyan said. "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." In April, the U.S. Department of Interior offered a total of $885 million to two other offshore wind companies - Golden State Wind on the West Coast and Bluepoint Wind on the East Coast - to terminate their leases. Both accepted. Now, there's only one leaseholder remaining in Morro Bay: Equinor. "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," Secretary of the Interior Doug Burgum said in a news release on Wednesday. "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," he added. "We applaud Invenergy for recognizing the importance of baseload power and investing in energy solutions that deliver real benefits to American consumers." U.S. Senator Adam Schiff, however, condemned the decision. "As Americans pay more and more for energy, the Trump administration is once again paying millions in taxpayer dollars to kill California energy projects," he said in a statement. "Expect another hike in your utility bills, courtesy of Donald Trump. And another win for the oil industry." Environment June 17, 2026 9:00 AM June 17, 2026 3:00 PM The Tribune Stephanie Zappelli is the environment and immigration reporter for The Tribune. Born and raised in San Diego, they graduated from Cal Poly with a journalism degree. When not writing, they enjoy playing guitar, reading and exploring the outdoors.

Feds to pay $765M to scrap four more offshore wind leases. By Reuters Reuters June 17, 2026 11:49 PM Gift Article The Trump administration on Wednesday said it would pay $765 million to power project developer Invenergy to terminate four wind leases off the coasts of New York, California and Maine. The Department of the Interior said in a statement that Invenergy will use those funds to develop natural gas power plants in five Midwestern states and geothermal projects in the Western United States. The deal is the latest of several the administration has announced this year as part of a wide-ranging effort to stop development of U.S. offshore wind projects, which it regards as costly and inefficient. President Donald Trump's administration has sought to increase domestic fossil fuel production and scrapped policies that support clean energy development, which has been criticized by Democrats and industry advocates. "We applaud Invenergy for recognizing the importance of baseload power and investing in energy solutions that deliver real benefits to American consumers," Interior Secretary Doug Burgum said in a statement. Seven U.S. states sued the administration earlier this month over a nearly $800 million payment to France's TotalEnergies to cancel an offshore wind lease off the coast of New York. The states alleged the administration failed to follow proper administrative processes and misused a government fund reserved for legal settlements even though there was no litigation between the parties. An Interior Department spokesperson said the agreement had been reviewed by the Department of Justice and went through all appropriate channels. Invenergy did not comment on the legality of the settlement. Stanley Woodward, associate attorney general with the Department of Justice, said in the statement that the agency looked forward "to continued cooperation from companies that are reevaluating their energy investments." Invenergy will invest a portion of the $765 million in natural gas plants in Indiana, Wisconsin, Iowa, Kansas and Missouri, according to the announcement. The company's offshore wind leases included two in the Gulf of Maine and one each off the coasts of New York and California. All four were in early stages of development, according to a source familiar with the company, who said it had not ruled out getting back into the industry at a future date. In Interior's statement, Invenergy's senior vice president for development, Daniel Runyan, said the Chicago-based company would "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." An offshore wind industry group, Turn Forward, said the agreement would cancel much-needed electricity capacity at a time of soaring demand. "Replacing coastal offshore wind with geothermal or natural gas infrastructure in another region does nothing to address rising ratepayer affordability concerns, reliability challenges or potential gaps in power supply in the Northeast and Mid-Atlantic," Hillary Bright, executive director of Turn Forward, said in a statement.