Central Louisiana News

The U.S. Senate Committee on Energy and Natural Resources has advanced the Reinvesting in Shoreline Economies & Ecosystems (RISEE) Act, introduced by Senator Bill Cassidy (R-LA). This legislation aims to increase funding from offshore energy revenue sharing for Louisiana's coastal restoration efforts. The bill proposes amendments to the Gulf of Mexico Energy Security Act (GOMESA), including the removal of a revenue-sharing cap that could potentially bring billions of dollars to Louisiana and the Gulf Coast region.

Senator Cassidy expressed optimism about the bill's progress, stating, "We are one step closer to bringing hundreds of millions of additional dollars to Louisiana to rebuild our shoreline and support flood control structures while creating thousands of good-paying jobs." He added, "The RISEE Act is good for our economy, our environment, and the nation. Let’s get this bill across the finish line."

Senator Sheldon Whitehouse (D-RI) also supports the bill, emphasizing its potential benefits for offshore wind development. He stated, "To unlock the full potential of offshore wind, we need to lower the barriers standing in the way of growth and support states investing in the future of clean energy." Whitehouse highlighted that his bipartisan RISEE Act would help level the playing field for offshore wind compared to oil and gas industries while providing coastal states with a share of wind revenues for investments in coastal resilience.

Cassidy announced earlier that he had secured committee consideration and a markup for this legislation in August.

Analysis indicates that Louisiana, Texas, Mississippi, and Alabama missed out on approximately $216 million in offshore revenue sharing last year alone. These funds would have been allocated to local resiliency projects.

Under current law, all revenues generated from offshore wind leases beyond state waters go into the U.S. Treasury. The RISEE Act proposes allocating 37.5% of these revenues to adjacent states where offshore wind farms are developed. This allocation will be based on a formula set by the Secretary of Interior.

Additionally, 12.5% of offshore wind revenues would contribute to a dedicated funding source for the National Oceans and Coastal Security Fund. This fund provides grants to coastal communities facing challenges such as erosion and sea-level rise.

The RISEE Act was previously considered by the Senate Energy and Natural Resources Committee during last Congress but did not advance further at that time.