US EditionUS, TotalEnergies to shift nearly $1 billion from wind to oil and gas
TotalEnergies agreed to forfeit two U.S. offshore wind leases and redirect nearly $1 billion into oil, gas, and liquefied natural gas projects, citing efficiency and national interest.
- On Monday, Interior Secretary Doug Burgum and French TotalEnergies CEO Patrick Pouyanné signed an agreement terminating two offshore wind projects, with the Trump administration reimbursing the company $928 million.
- President Trump has repeatedly opposed offshore wind as unreliable, while TotalEnergies renounced leases in Carolina Long Bay and New York Bright, stating development was 'not in the country's interest.'
- TotalEnergies will invest the $928 million into Texas LNG and Gulf of Mexico oil production, though the canceled projects could have powered more than 1 million homes in New York and roughly 300,000 in North Carolina.
- New York Gov. Kathy Hochul called the deal "an outrageous abuse of taxpayer dollars," while Oceantic Network labeled it "political theater" meant to obscure energy policy shifts.
- Senate negotiations regarding permitting reform legislation remain unaffected by the settlement, and experts note that future administrations could auction these offshore lease areas again.
264 Articles
264 Articles
A $1B offshore wind buyout promises to lower monthly bills. It’s not that simple
The U.S. government is paying a French energy giant nearly $1 billion to give up offshore wind leases and instead invest in exporting liquefied natural gas (LNG). The Trump administration said the decision was made to reduce Americans’ energy bills, but the details paint a more complicated picture. TotalEnergies held two offshore wind leases off the coasts of New York and North Carolina. The company had planned to build wind farms capable of po…
Behind Trump's Attacks On Clean Energy Lie Corruption -- And Masculine Insecurity
We are now in a global fossil fuel crisis. With oil and liquefied natural gas from the Persian Gulf unable to reach international markets due to Iran’s blockade of the Strait of Hormuz, hydrocarbon prices have been soaring around the world and widespread shortages are emerging. Anyone who thought that the U.S. would be insulated from this dire picture thanks to its large domestic oil production has had a rude awakening: the average retail price …
On 23 March, the French energy company announced that it had signed an agreement with the White House to stop two wind projects in the United States in return for investments in oil and gas overseas. This climate alliance runs counter to the interests of Europeans.
Trump’s $1B payoff to stop offshore wind is even stranger than it sounds
On Monday, President Trump’s Department of the Interior announced that it will refund almost $1 billion to a French multinational oil company. The company, TotalEnergies, had spent that amount during the Biden administration to secure two leases allowing it to build offshore wind farms in the Atlantic Ocean. The Trump administration, which has taken every step possible to block offshore wind development, is so opposed to this possibility that it…
US government to pay $1 billion for energy giant to abandon wind farm projects
A new federal deal is raising eyebrows after the U.S. government agreed to pay nearly $1 billion to halt planned offshore wind projects. What's happening? As reported by The New York Times, the U.S. Department of the Interior will reimburse French energy giant TotalEnergies about $928 million for leases it previously purchased to develop offshore wind farms near New York and North Carolina. In return, the company plans to shift investment toward…
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