Trump administration to pay French company $1B to drop U.S. offshore wind leases
NPR • • business
Key Points:
- The Trump administration will pay $1 billion to French energy company TotalEnergies to relinquish two U.S. offshore wind leases off North Carolina and New York, redirecting the funds toward fossil fuel projects instead.
- TotalEnergies agreed to abandon offshore wind development in the U.S., citing it as not in the country's interest, and plans to invest the refunded lease fees in a Texas liquefied natural gas plant and oil and gas activities.
- The administration's move aligns with its broader strategy to promote fossil fuels over renewable energy, despite federal judges overturning previous attempts to halt offshore wind construction.
- Environmental groups condemned the deal as a misuse of taxpayer dollars that undermines clean energy progress and efforts to reduce energy costs for Americans.
- Meanwhile, offshore wind projects continue advancing, with Virginia's Coastal Virginia Offshore Wind farm recently beginning power delivery, highlighting ongoing growth in the sector despite political opposition.
