Interior announces new energy agreement with Invenergy

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 totalling US$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 US.

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.

“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 revitalise American energy and national security. The Department of Justice looks forward to continued co-operation from companies that are re-evaluating 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,” added Daniel Runyan, Invenergy’s Senior Vice President for Development.

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