Rep. Jared Huffman unveiled a proposal to create a new offshore wind revenue-sharing arrangement between states, tribes and the federal government — a competitor to similar Senate legislation that also adjusts offshore oil and gas revenue sharing.
The release of the discussion draft comes as Huffman, a California Democrat, is embroiled in a race with Rep. Melanie Stansbury (D-N.M.) to become ranking member on the House Natural Resources Committee. Both candidates are racing to secure support from their fellow Democrats and burnish their credentials.
Currently, all offshore wind revenues are collected by the Treasury Department. Huffman’s bill, dubbed the “Resilience, Equity, and Sustainability Through Offshore Renewable Energy (RESTORE) Act,” would instead allow Treasury to recoup only 50 percent of revenues produced by offshore wind energy production and redirect it toward coastal restoration and climate resilience.
Twenty-five percent of revenues would be directed to coastal communities through NOAA’s National Ocean and Coastal Security Fund, 15 percent to Native American tribes for mitigation and economic development and 5 percent to the Land and Water Conservation Fund. Another 5 percent to NOCSF would be doled out to research the sustainability of offshore wind.
