{"text":[[{"start":8.45,"text":"The Trump administration will pay almost $800mn to withdraw from offshore wind leases with power producer Invenergy, in exchange for investments in fossil fuel and geothermal projects in the US instead."}],[{"start":20.9,"text":"The company said on Wednesday that the Department of the Interior will pay it $765mn, a partial refund, for its four offshore wind leases off the coasts of New York, Maine and California."}],[{"start":35.4,"text":"“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, Invenergy’s senior vice-president for development."}],[{"start":51.25,"text":"The company will deploy the refunded capital into natural gas projects in the Midwestern states of Indiana, Wisconsin, Iowa, Kansas and Missouri."}],[{"start":60.65,"text":"It will also develop geothermal power, produced by drilling into hot underground rock, in the western US. Geothermal is a favoured energy source of the Trump administration, due to its ability to provide uninterrupted clean power. In the One Big Beautiful Bill, geothermal companies retained access to tax credits that were stripped from solar and wind project developers. Energy secretary Chris Wright directed a $10mn investment into geothermal company Fervo Energy as chief executive of oilfield services company Liberty Energy."}],[{"start":94.6,"text":"Invenergy holds 45 geothermal leases from the Bureau of Land Management, including 5,000 acres in New Mexico purchased yesterday. "}],[{"start":103.25,"text":"The deal follows similar arrangements between the administration and companies holding US offshore wind leases, such as French oil company Total and Golden State Wind, which is owned by the Canada Pension Funds Investment Board, Engie and EDP Renewables."}],[{"start":118.6,"text":"The payment strategy comes after the administration failed to shut down other projects close to completion, citing the risk of wind turbines interfering with military radars. Judges in federal courts have dismissed these concerns, allowing them to continue construction."}],[{"start":133.54999999999998,"text":"US President Donald Trump has described offshore wind as “the worst” form of energy. "}],[{"start":138.7,"text":"A person familiar with the matter said that while Invenergy is not ruling out future investments in offshore wind, the agreement is a chance to redirect capital from “dormant” projects generating no returns, which cannot be developed at a “commercially reasonable timeline.”"}],[{"start":155.1,"text":"The deals are coming under increasing scrutiny. In early June, seven states led by New York sued the Trump administration over its payment to Total. In early May, the New York State Common Retirement Fund said it was re-evaluating its stake in the company as a result of the agreement. "}],[{"start":174.54999999999998,"text":"The California Energy Commission has issued a subpoena to Golden State Wind, seeking information about the company’s $120mn agreement. Democratic senator Sheldon Whitehouse opened an investigation into the payments in April."}],[{"start":197.95,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1781766601_7212.mp3"}