Wind Company Faces Trump-Triggered Bankruptcy
A large wind energy company says it faces bankruptcy if the Trump Administration kills its most significant project. US Wind told a judge that if its 2.2-gigawatt Maryland Offshore Wind project is shut down, it is doomed.
US Wind faces enforcement of the Interior Department’s new offshore wind energy regulation, which has effectively banned all industry projects. The company told the judge, “If the plan is lost, surrendered, forfeited, revoked, or otherwise not maintained in full force and effect, US Wind’s investors have the right to declare US Wind to be in default on the repayment of the company’s debt and/or refuse to extend the additional financing needed to complete construction of the project.”
Coal Comes Back
The Trump regulations threaten to end most offshore wind energy operations. He has also moved to restrict land-based wind farms. At the same time, he has aided the coal and oil industries. He recently opened 13 million acres of federal land for coal mining.Â
In 2023, wind energy accounted for about 10% of electricity generation. This is less than coal at 16% for coal. However, recently they have moved in different directions. There is every reason to believe wind will pass coal before 2030. With an administration that favors coal and has tried to shut down wind, this will not happen.
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