TotalEnergies' Billions: Wind Farm Lease Settlements Loom

U.S. officials are planning to settle with TotalEnergies for about $1 billion over canceled leases for wind farms in federal waters. The settlements will see the U.S. Department of Interior cancel leases for Attentive Energy and Carolina Long Bay projects. Offshore wind developments have faced hurdles under U.S. presidents.

U.S. officials are reportedly negotiating a settlement of approximately $1 billion with TotalEnergies, a major French oil company, due to canceled leases for wind farms off New York and North Carolina, according to the New York Times.

The proposed settlements involve the cancellation of two projects, Attentive Energy and Carolina Long Bay, as confirmed by documents cited in the report. Consequently, the U.S. Department of Justice is expected to compensate TotalEnergies for its initial investments under the former Biden administration.

In reaction to these developments, TotalEnergies will abandon its wind farm projects, shifting its focus to natural gas infrastructure in Texas. Disputes surrounding offshore wind developments have escalated during Trump's presidency, as he criticized the installations as unattractive and inefficient.

(With inputs from agencies.)