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The California Energy Commission is investigating a deal between Golden State Wind and the U.S. Interior Department that sees the company give up plans to build a two-gigawatt wind farm off California’s coast in exchange for a US$120-million payout—which it promises to invest “in the development of U.S. oil and gas assets, energy infrastructure and/or LNG projects along the Gulf Coast.” CPP Investments announced the project in 2022. (The Logic)
Talking point: The pension fund’s partner in Golden State is Ocean Winds, itself a joint venture of France’s Engie and Spain’s EDP Renewables. The U.S. government said the Golden State agreement is modelled on one it struck in March with TotalEnergies to give up “expensive, unreliable offshore wind leases” in favour of “affordable, reliable natural gas projects.” The California Energy Commission alleges the deal undermines state investments in port and transmission infrastructure to support the Golden State wind farm.
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