Trump Continues Dismantling Biden’s Offshore Wind Dreams
The Trump Administration’s systematic dismantling of Joe Biden’s offshore wind dreams continued on Monday. The Department of Interior announced an agreement with Duke Energy in which the company agrees to cancel its plans for a huge wind project offshore North Carolina - adjacent to the Carolina Long Bay area - in exchange for a payment of $129 million.
Despite claims from critics that the payment amounts to the administration bribing Duke to cancel its project, the truth is that the funds represent a partial reimbursement of the company’s lease costs consistent with federal statutes and regulations. The good news for North Carolina is the way Duke plans to reinvest the funds.
“This settlement allows Duke Energy to refocus $129 million in ways that directly benefit our customers and communities in the Carolinas,” said Kodwo Ghartey-Tagoe, Executive Vice President and Chief Executive Officer of Duke Energy Carolinas. “Under the agreement, Duke Energy will reinvest nearly $129 million in additional generating capacity, which may include advancing new nuclear and natural gas generation, and grid enhancements to strengthen reliability, support continued growth in the Carolinas and keep costs as low as possible.”
So, rather than saddling ratepayers with higher bills which invariably result from subsidy deals between state governments and offshore wind farms, Duke plans to target its funds to new, 24/7 baseload capacity. Those hardest hit will be the craven public officials who had hoped to signal their green virtues related to the wind fiasco.
