Chuck Schumer Blasts Trump's $2.6 Billion Offshore Wind Buyback Program: Any Blackouts In New York Will 'Rest' On HIs Shoulders

On Wednesday, Senate Minority Leader Chuck Schumer (D-N.Y.) criticized the Donald Trump administration’s growing offshore wind lease buyback program.

Schumer Targets Trump Over Offshore Wind Cancellations

In a post on X, the New York Democrat said President Trump has “spent $2.6 billion in taxpayer money to kill offshore wind projects.” 

He added that the developments represented “thousands of good union jobs, billions in economic development, and millions of homes worth of desperately needed electricity.”

Schumer also warned of potential consequences for New York’s power grid.

“And any blackouts in NY will now rest squarely on the shoulders of Donald Trump,” he wrote.

His comments came in response to an Associated Press report that the Trump administration has reached another agreement to buy back offshore wind leases, bringing the total value of such deals to nearly $2.6 billion.

The U.S. Department of the Interior did not immediately respond to Benzinga's request for comments.

Trump Administration Expands Offshore Wind Buyback Strategy

The latest agreement involves privately held energy developer Invenergy, which will receive $765 million in lease fee reimbursements for four offshore wind projects that were in the early stages of development.

According to the administration, Invenergy plans to redirect capital toward natural gas facilities in Indiana, Wisconsin, Iowa, Kansas and Missouri, as well as geothermal projects in Western states.

The deal follows earlier agreements with TotalEnergies (NYSE:TTE) and developers Golden State Wind and Bluepoint Wind. Together, the transactions have halted eight offshore wind projects.

Energy Security Debate Intensifies

Supporters of the administration argue that natural gas and geothermal projects can be deployed faster and provide more reliable electricity as power demand rises.

Critics, however, contend that the policy undermines clean energy development and does little to address electricity needs in Northeastern states that would have benefited from offshore wind generation.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo courtesy: Bumble Dee / Shutterstock.com