Trump asks congressman to write executive order to halt offshore wind
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AI summaryDisplay highlights
- Trump asks congressman to write executive order to halt wind energy projects
- Draft order is written to halt offshore wind development from Rhode Island to Virginia for six months
- Incoming interior secretary could review how leases and permits were issued
360 summary
- The order withdraws all federal waters from consideration for offshore wind leasing, and pauses leasing, permits, and loans for offshore and onshore wind projects pending a review, which could lead to a significant delay in the deployment of offshore wind power.
- The order puts at risk the $25 billion already invested in new ports, vessels, and manufacturing centers, and curtails future investments across the country, which could affect jobs in red and blue states alike.
- Existing offshore leases are safe for now, but those will also be reviewed under the executive order, and the Trump administration could attempt to undo those at a later date, which would introduce thorny legal questions and significant compensation.
bostonglobe.com- Economic turmoil caused by Russia's war in Ukraine spiked costs for offshore wind developments, leading to the canceling and rebidding of contracts at higher rates.
- Antiwind voices have lodged lawsuits claiming that offshore wind kills whales, which have been fought by the Biden administration, but it's unlikely the Trump administration would continue to defend against them.
- The accident at Vineyard Wind last summer, in which a turbine blade fell apart, resulting in debris washing up on the shores of Martha's Vineyard, led to uncertainty about the safety of certain equipment while providing fuel for local opposition.
bostonglobe.com- Two offshore wind projects under construction in New England, Vineyard Wind and Revolution Wind, are not at risk.
- New England Wind 1 and 2 have received permits but face a nominal risk due to Trump administration's plan to roll back tax credits.
- Vineyard Wind 2 and StarBoard Wind are the most at-risk projects as they are not yet permitted.
bostonglobe.com- The average rate on a 30-year mortgage in the US rose to 7.04%, the highest level in eight months, due to a rise in bond yields that lenders use as a guide to price mortgages.
- Borrowing costs on 15-year fixed-rate mortgages also rose this week, increasing to 6.27% from 6.14% last week.
- The elevated mortgage rates, which can add hundreds of dollars a month in costs for borrowers, have discouraged home shoppers, prolonging a national home sales slump that began in 2022.
bostonglobe.com- The order aims to develop minimum cybersecurity standards for government technology contractors and make it easier to sanction foreign governments that target the US with cyberattacks.
- It also allows for sanctions to be imposed on foreign hackers who target hospitals or other organizations with ransomware.
- The order requires federal agencies to improve cybersecurity to protect against the threat posed by powerful quantum computers.
bostonglobe.com- Microsoft is increasing the price of its Office 365 family subscription by 30% to $130 a year and the individual version by 43% to $100 a year.
- The price increase is aimed at generating more revenue from the existing customer base to fund the development and operation of AI services.
- The company claims that the price hike will bring the transformative power of AI to the personal productivity tools that millions of people use every day.
bostonglobe.com- BP is cutting 4,700 jobs worldwide and a further 3,000 contractor roles as part of a cost-saving drive.
- The reductions amount to just over 5 percent of BP’s 90,000 worldwide employees.
- The company is “focusing resources on our highest-value opportunities” and that it has stopped or paused 30 projects since June.
bostonglobe.com- The Biden administration approved 11 offshore wind projects with a capacity of 19 gigawatts, enough to power more than six million homes, according to the Interior Department.
- The government conserved more than 670 million acres of land and water — more than any other U.S. president in history, including more than 625 million acres of ocean that was protected from offshore oil and gas drilling.
- Haaland, the first Native American Cabinet secretary, defended the Biden administration's broader record on energy and conservation, highlighting the progress made in the offshore wind sector and the significant amount of land and water conserved during Biden's presidency.
Newsweek- Biden approved almost 50% more permits to drill on federal land in his first three years in office than did Trump in his first three years as president.
- The permitting increase under Biden included a controversial decision in 2023 to greenlight the so-called Willow project, a planned oil drilling project on Alaska's North Slope.
- The administration also drew heavy criticism from the left last month for approving and oil and gas lease sale in the Coastal Plain of the Arctic National Wildlife Refuge (ANWR) in Alaska.
Newsweek- The administration entered 400 co-stewardship agreements for federal lands and wildlife with tribes, Alaska Native corporations and other communities.
- Congress approved $45 billion in funding to aid Native American communities through the American Rescue Plan and Inflation Reduction Act.
- Biden made a formal apology to Native Americans for a past federal boarding school initiative and called it a "blot on American history" during his visit to Indian Country.
Newsweek- Offshore wind is estimated to cost about $100 per megawatt hour for new projects connecting to the grid in 2028, while onshore wind is one of the cheapest sources at about $31 on average for new projects.
- New natural gas plants are expected to produce electricity at nearly $43 per megawatt hour, according to estimates.
- Natural gas power plants can be operated at any time throughout the day, unlike solar or wind, making them more reliable for the grid.
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