US to pay TotalEnergies to drop offshore wind leases
AP News • • general
Key Points:
- The Trump administration will pay $1 billion to French company TotalEnergies to relinquish two U.S. offshore wind leases off the coasts of North Carolina and New York, redirecting investment toward fossil fuel projects instead.
- This move aligns with the administration's efforts to halt offshore wind development, despite federal courts repeatedly overturning previous stop-work orders on wind projects.
- TotalEnergies agreed to abandon U.S. offshore wind development, citing it as not in the country's interest, and plans to use refunded lease fees to invest in liquefied natural gas and oil and gas activities in Texas.
- The deal has drawn criticism from environmental groups and Democratic leaders, who view it as a misuse of taxpayer money and a tactic to block clean energy progress, while Interior Department officials defend it as supporting affordable and reliable power.
- Meanwhile, offshore wind projects continue to advance on the East Coast, with Coastal Virginia Offshore Wind recently delivering power to the grid, highlighting ongoing efforts to expand renewable energy despite federal opposition.
