Trump Administration to Pay $1 Billion to Energy Giant to Cancel Wind Farms
The New York Times • • general
Key Points:
- The Trump administration will pay TotalEnergies nearly $1 billion to abandon its plans for offshore wind farms off New York and North Carolina, reimbursing the company for its lease payments made during the Biden administration.
- In return, TotalEnergies will invest the funds in U.S. oil and gas projects, including a Texas facility for exporting liquefied natural gas and increased oil production in the Gulf of Mexico.
- The deal represents a significant use of taxpayer money to support fossil fuel production while halting offshore wind development, raising concerns amid the global energy supply shocks caused by the Middle East conflict.
- Interior Secretary Doug Burgum announced the agreement at the CERAWeek energy conference, criticizing wind power as unreliable and promoting a shift toward what he called affordable and secure energy sources.
