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U.S. Eyes $1 Billion Payout to Scrap TotalEnergies Wind Projects
- On Tuesday, U.S. officials are drafting agreements to cancel two offshore wind leases, Attentive Energy off New York and Carolina Long Bay off North Carolina, the New York Times reported.
- Leases awarded in 2022 and a subsequent pause mean the move reverses the prior administration's offshore wind agenda as TotalEnergies paused U.S. development after the November 2024 pause in development and an Executive Order pausing leasing was overturned by a court last year.
- Financial filings and draft settlements show TotalEnergies paid $795 million and $160 million in 2022 for the 3-GW Attentive Energy and 1.2-GW Carolina Long Bay leases, with proposed reimbursements of $795 million and more than $133 million.
- In exchange for abandoning the projects, TotalEnergies would accelerate investments in U.S. natural gas infrastructure, including Texas, but either outcome would trigger legal challenges and costly court battles.
- The development positions the U.S. offshore wind industry amid contested legal rulings, with federal courts overturning last year’s Executive Order and striking down stop-work orders, even as Vineyard Wind 1 and Revolution Wind reached milestones last week.
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U.S. Eyes $1 Billion Payout to Scrap TotalEnergies Wind Projects
The Trump administration is weighing a $1 billion payout to compensate TotalEnergies for canceled offshore wind leases, reports suggest, making what would be one of the clearest financial unwindings of Biden’s clean energy policy. According to a New York Times report cited by Reuters on Tuesday, U.S. officials are drafting agreements that would see the Interior Department cancel two offshore wind leases—Attentive Energy off New York and Carolina…
·London, United Kingdom
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Total News Sources15
Leaning Left3Leaning Right1Center3Last UpdatedBias Distribution43% Left, 43% Center
Bias Distribution
- 43% of the sources lean Left, 43% of the sources are Center
43% Center
L 43%
C 43%
14%
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