Oil and utility companies — which earn the vast majority of their profits from fossil fuel production, generation and sales — have invested billions of dollars in offshore wind.
that are expected to provide nearly 20 gigawatts to millions of Americans along the East Coast and off the California coast are largely dependent on the fossil fuel industry, according to a Fox News Digital review.
BIDEN ADMIN QUIETLY ADMITS CANCELING KEYSTONE XL PIPELINE COST THOUSANDS OF JOBS, BILLIONS OF DOLLARS President Biden said during his State of the Union address this month that it was"outrageous" oil companies recently reported record profits. Fossil fuel companies are heavily invested in offshore wind development that he has touted.
For example, Kitty Hawk Wind, a giant 3,500 project off the coast of North Carolina, is being financed by Avangrid, an energy company that provides power to millions of customers in the Northeast. According to the company's most recent earnings report, just 14% of its revenue comes from its renewable business.The 2,600-megawatt Coastal Virginia Offshore Wind project slated to be constructed by 2026 off the coast of southeastern Virginia is owned by Dominion Energy.
Secretary of the Interior Deb Haaland and New York Governor Kathy Hochul participate in a groundbreaking ceremony for the future South Fork Wind Farm in Wainscott, New York, on Feb. 11, 2022.
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