Trending Now - U.S. Government Pays $1 Billion to Block Offshore Wind Farms
WHO:
TotalEnergies chairman and CEO Patrick Pouyanné stated, “It’s good to be innovative from time to time and pragmatic.”
U.S. Interior Secretary Doug Burgum said, “We are not driven by a climate fantasy.”
TotalEnergies SE, a French energy company
The Trump administration, specifically the Department of Interior
WHAT:
TotalEnergies will receive approximately $928 million for its investments in the Attentive Energy and Carolina Long Bay projects.
TotalEnergies will redirect the reimbursed funds into natural gas projects, primarily in Texas.
TotalEnergies purchased a lease for its Carolina Long Bay project in 2022 for approximately $133 million, aimed to generate more than 1 gigawatt of energy, enough to power about 300,000 homes.
TotalEnergies also purchased a lease off New York and New Jersey in 2022 for $795 million, planned to generate 3 gigawatts of clean energy to power nearly one million homes.
The reimbursement to TotalEnergies includes $928 million for the leases, as reported by the New York Times.
TotalEnergies has agreed to relinquish two U.S. offshore wind leases valued at $1 billion.
The company will redirect its investments into fossil fuel projects, specifically oil and natural gas.
WHERE:
United States, specifically related to offshore wind leases
WHEN:
The agreement was reported on March 23rd, 2026.
WHY:
The Interior Department described the agreement as an “innovative agreement” to stop funding “ideological subsidies that benefited only the unreliable and costly offshore wind industry.”
New York Governor Kathy Hochul criticized the deal as a “pay-not-to-play scheme” and an “outrageous abuse of taxpayer dollars.”
The Interior Department stated, “the American people will no longer pay for ideological subsidies that benefited only the unreliable and costly offshore wind industry.”
The decision allows TotalEnergies to focus on fossil fuel investments instead of offshore wind projects.
HOW:
TotalEnergies will not develop any new offshore wind projects in the United States as part of the agreement.
TotalEnergies will use the refunded lease fees to finance the construction of a liquefied natural gas plant in Texas and the development of its oil and gas activities, which CEO Patrick Pouyanné described as a “more efficient use of capital” in the U.S.
The Trump administration facilitated the release of TotalEnergies from the offshore wind leases.
(UPDATED March 24, 2026 13:41 UTC)
TotalEnergies is set to receive approximately $928 million for its investments in the Attentive Energy and Carolina Long Bay projects, which will be redirected into natural gas initiatives primarily in Texas. U.S. Interior Secretary Doug Burgum described the deal as an innovative agreement aimed at halting funding for what he called ideological subsidies benefiting the offshore wind industry, while New York Governor Kathy Hochul criticized it as a pay-not-to-play scheme and an abuse of taxpayer dollars. As part of this agreement, TotalEnergies will not pursue any new offshore wind projects in the United States.
--
(UPDATED March 24, 2026 07:35 UTC)
In a significant move, the Interior Department announced a reimbursement of $928 million to TotalEnergies for leases purchased in 2022, which included a $133 million lease for the Carolina Long Bay project and a $795 million lease off New York and New Jersey. The department emphasized that this decision marks a shift away from funding what they called "ideological subsidies" for the offshore wind industry, which they deemed unreliable and costly. TotalEnergies plans to use these refunded lease fees to finance a liquefied natural gas plant in Texas and further develop its oil and gas activities, with CEO Patrick Pouyanné highlighting this as a "more efficient use of capital" in the U.S.
--
(UPDATED March 23, 2026 19:49 UTC)
TotalEnergies SE has agreed to relinquish two U.S. offshore wind leases valued at $1 billion, a decision facilitated by the Trump administration's Department of Interior. The company plans to redirect its investments into fossil fuel projects, specifically oil and natural gas, moving away from offshore wind initiatives. This agreement was reported today, March 23, 2026, allowing TotalEnergies to focus on its fossil fuel investments.