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The Trump administration on March 23 struck an agreement with France’s TotalEnergies under which the company will relinquish two U.S. offshore wind leases — in the New York Bight and Carolina Long Bay — in exchange for roughly $928m (commonly reported as about $1 billion) in reimbursements, the Department of the Interior said.
Announced at the CERAWeek energy conference in Houston by Interior Secretary Doug Burgum alongside TotalEnergies CEO Patrick Pouyanné, the deal requires the company to commit the equivalent funds to U.S. oil, gas and liquefied natural gas (LNG) projects — including investment in the Rio Grande LNG plant in Texas — before being reimbursed dollar-for-dollar.
TotalEnergies pledged not to pursue further U.S. offshore wind development.
The move follows the administration’s earlier stop-work orders for several East Coast projects that were later allowed to resume by courts; one targeted farm, Coastal Virginia Offshore Wind, began sending power to the grid this week.
State officials and environmental and industry groups condemned the agreement as a misuse of taxpayer money that threatens planned clean-power capacity, while the administration framed it as advancing affordable, reliable domestic energy and bolstering LNG exports amid global supply strains.
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Renewable EnergyTrump Administration to Pay French Company $1B to Walk Away From US Offshore Wind Leases
Utility and Energy Transmission & Distribution News | Utility DiveTotalEnergies accepts $1B offshore wind buyout, pivots to oil and gas in US
TheWeek feedUS gives French firm $1B to quit wind farms
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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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