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The U.S. Department of the Interior and French energy major TotalEnergies on March 23, 2026, signed an agreement that will see the company relinquish two Atlantic offshore wind leases in exchange for reimbursement of roughly $928 million â described by officials as ânearly $1 billion.â The settlements, announced at the CERAWeek energy conference in Houston by Interior Secretary Doug Burgum and TotalEnergies CEO Patrick PouyannĂ©, cover lease areas in the New York Bight (about 3 GW) and Carolina Long Bay (about 1 GW), together representing roughly 4 gigawatts of potential capacity.
Under the deal TotalEnergies has pledged not to develop new U.S. offshore wind projects and to invest the refunded funds in U.S. oil and gas projects, notably trains at the Rio Grande LNG facility in Texas and upstream Gulf and shale developments.
The administration framed the move as supporting affordable, reliable energy; clean-energy groups, state officials and industry trade bodies condemned it as a misuse of taxpayer money that will remove planned renewable capacity as some East Coast projects begin delivering power.
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RFI - All the news from France, Europe, Africa and the rest of the world.TotalEnergies deal with US ends offshore wind projects in favour of fossil fuels
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The main correction is that the payment is a reimbursement for leases already purchased, but the bigger consequence is the shift away from offshore wind and toward fossil fuels. That means the deal is still highly controversial, yet the financial mechanics are more nuanced than the headline suggests.







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