Offshore Wind Lawsuits and SEC Leadership Changes
Offshore Wind Projects in Court
Three offshore wind project developers (Ørsted, Equinor and Dominion Energy) have filed lawsuits against the Trump Administration for pausing all under construction offshore wind projects due to “national security risks.”
Permitting review: The Department of Interior announced in late December that new national security risks had been identified by the Department of Defense and that the agency needed time to work with project managers to mitigate these concerns.
Project status: Billions of dollars have already been invested into these offshore wind projects. Ørsted’s project off the coast of Rhode Island and Connecticut is 87% done. Dominion claims that this new holdup in the projects will negatively impact the necessity of new power for data centers.
Farewell Commissioner Crenshaw
Last Friday marked SEC Commissioner Caroline Crenshaw’s last day in office as her term officially expired. Commissioner Crenshaw was the last Democrat in the Commission.
What’s next: The SEC Commission now is composed of three Republicans: Chair Paul Atkins and Commissioners Hester Peirce and Mark Uyeda. As three commissioners make a quorum, SEC leadership will be able to continue to make decisions and form policy.
Who’s next: Federal law prohibits more than three members of the same party from being on the panel. So, if the Trump Administration wishes to nominate a commissioner, the nominee cannot come from his own party.
Political norms: In regular times, typically if two seats were open, a Democratic and Republican nominee would be passed through at the same time. This norm did not occur last year during Chair Atkins’ confirmation. Time will tell if the Democrats are able to secure a deal to nominate a commissioner to serve in the minority for the coming year in the SEC.
What We are Watching This Week
Policy Preview: Join US SIF’s Policy team this Wednesday, January 7 at 2pm to hear insights on what to keep your eyes on in 2026. Register here.