Trump Administration Pays $2 Billion to Cancel Offshore Wind Leases

Total reimbursements to offshore wind ventures now approach $2 billion. The shuttered projects were set to supply energy to states including New York, New Jersey, California, and North Carolina. Ocean Winds North America, which participates in both Bluepoint Wind and Golden State Wind, stated that market conditions necessitated adaptation.

"We did not take this decision lightly. But when the underlying conditions in a market change, we must adapt," Michael Brown, CEO of Ocean Winds North America, said in a statement. TotalEnergies CEO Patrick Pouyanné described the company's deal as a win-win, noting it allowed recouping investments for reinvestment in gas without prolonged litigation.

In January, President Trump told oil executives, "My goal is to not let any windmill be built. S. waters in December, citing national security risks, which halted work on Equinor's Empire Wind project.

U.S. District Court judge issued a preliminary injunction in January permitting construction to resume on Empire Wind, in which Equinor has invested $4 billion for the first phase alone. Empire Wind, backed by Norwegian energy company Equinor, took eight years from obtaining its lease in 2017 to beginning turbine foundation work in 2025.

The Biden administration approved 11 commercial-scale offshore wind projects by December 2024, targeting more than 19 gigawatts of power—enough for 6 million homes—with a 2030 goal of 30 gigawatts. S. electricity, primarily from natural gas and coal, while wind accounted for 10%.

In contrast, wind comprises 16% of China's generation capacity and 17% of the European Union's total electricity. The moves occur amid global energy strains from the Iran war, which has disrupted oil flows through the Strait of Hormuz. Before the war, 20 million barrels of oil passed through the strait daily, representing one-fifth of global energy supply, according to the International Energy Agency.

U.S. strategic oil reserve stood below 60% capacity as of February due to these disruptions. The Middle East conflict has triggered major interruptions in global oil and gas markets, prompting the IEA to release a database tracking government energy-saving and consumer-support measures.

Former oil and gas industry leaders, including senior executives from BP and Shell, stated that prioritizing fossil fuel development in response to the crisis risks ongoing price shocks and higher costs for Australians. Iran's supreme leader, Mojtaba Khamenei, proclaimed a new regional order including management of the Strait of Hormuz that rejects foreign domination.

President Trump responded to Germany's chancellor, saying he should focus on fixing his broken country instead of interfering in Iran.

Trump's defense secretary, Pete Hegseth, faced questions from lawmakers accusing him of exaggerating the war's progress. In Australia, Deloitte said limiting changes to capital gains tax discounts and negative gearing rules to new investments would severely delay budget reforms.

The over-60s have dominated the investment property market since negative gearing's introduction, according to the Sydney Morning Herald.

3% in April, the slowest growth in over a year, ABC reported. Shares in Australian companies producing pizza, fried chicken, and doughnuts fell sharply on the ASX as households cut budgets amid the cost-of-living crisis. Port Adelaide's oldest pub announced a winter closure due to economic pressures.

M. on May 2 in Alice Springs in connection with the death of five-year-old Kumanjayi Little Baby. Police acted on a tip from community members and located Lewis at a house in the town.

Rioters laid siege to Alice Springs hospital, where Lewis was held, prompting police to deploy tear gas for control. , authorities arrested 64-year-old James Lawhead Jr.

Wanner vanished from her Granite Bay, California, home on November 25, 1991; her 11-month-old baby was found abandoned in a highchair, with her car and coat still at the residence. Her strangled body was discovered three weeks later in a remote area outside Foresthill, about 40 miles away.

Lawhead, who was 30 at the time, had been released from prison earlier in 1991 after serving 11 years of a 19-year sentence for child sex crimes. Advanced DNA analysis identified him; he had lived in Arizona under the alias Vincent Reynolds since 2005, with no official records thereafter.

Queensland rejected key recommendations from the Bondi royal commission's interim report, stating a national gun buyback would not prevent weapons from reaching terrorists and criminals. K. 's Joint Terrorism Analysis Centre raised the terrorism threat level to severe after the Golders Green stabbings, indicating a high likelihood of attack.

An estimated 36 vessels remain at sea. The family of a Newcastle man among at least six Australians on the boats pleaded for his safety.

A French teenager faced charges in Singapore for mischief and public nuisance after posting a social media video of licking a straw from an orange juice vending machine and replacing it. In sports, Jesse Southwell kicked a crucial field goal on her home turf in Newcastle to secure victory for the Blues in the opening Women's State of Origin rugby league game.

Craig Bellamy, diagnosed with an unspecified neurodegenerative disorder, will continue as coach of the Melbourne Storm.

Nottingham Forest and Aston Villa meet in the first leg of their Europa League semi-final. Saudi Arabia withdrew funding from the LIV Golf Series, leaving Australia's Cameron Smith and other top golfers with uncertain futures.

California gubernatorial candidates discussed climate and energy policies last night, addressing the gas tax and wildfire insurance crisis. m. m.

M. at Victorian Trades Hall. Italian Jewish leaders condemned the arrest of a Jewish man who police said fired a pellet gun at participants in Italy's Liberation Day parade from Nazism and fascism.