politics
March 24, 2026
US to pay TotalEnergies $1 billion to stop developing offshore wind in US
Payment reimburses the company for two leases, one for a massive 3 GW wind farm.
TL;DR
- The Trump administration will pay TotalEnergies $1 billion to abandon offshore wind leases.
- TotalEnergies will invest the $1 billion in US-based fossil fuel projects.
- The company will cease all future offshore wind development in the US.
- The deal includes the abandonment of a 3 GW wind project site east of New Jersey.
- Critics argue the deal contradicts efforts to stabilize energy prices and may exacerbate price shocks.
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