US to pay nearly $1bn to TotalEnergies to cancel east coast offshore wind leases
Mar 23rd 2026 ยท United States
The Interior Department will reimburse TotalEnergies $928 million to drop two east coast offshore wind leases, with the company agreeing to invest in US LNG and fossil fuel projects instead.
- Department of the Interior will reimburse TotalEnergies $928 million for two offshore leases purchased under the Biden administration.
- TotalEnergies agreed to relinquish leases off New York and North Carolina and pledged not to develop new offshore wind projects in the US.
- As part of the agreement, TotalEnergies will invest about $1 billion in Rio Grande LNG trains in Texas and in US Gulf oil and shale gas development.
- The announcement was made by TotalEnergies CEO Patrick Pouyanne and Interior Secretary Doug Burgum at CERAWeek in Houston.
- The deal comes amid a global fuel supply disruption tied to US-Israeli strikes on Iran and rising fossil fuel prices.
- Despite administration efforts to halt projects, some East Coast wind farms have proceeded, with Vineyard Wind completed and Revolution Wind already delivering power to New England.
Articles
- Trump Administration to Pay $1 Billion to Energy Giant to Cancel Wind Farms www.nytimes.com
- How the Trump administration's policy changes are affecting what we pay for energy www.npr.org
- US to pay Total $1bn to switch from wind to oil and gas development www.ft.com
- US to pay almost $1bn to French energy company to kill wind project plan www.theguardian.com
- US signs nearly $1 billion deal with France's TotalEnergies to end offshore wind projects www.france24.com
- Trump's latest anti-wind effort: Pay companies to abandon offshore leases arstechnica.com