Overview
- Interior announced the agreement at the CERAWeek conference, covering the Attentive Energy lease in the New York Bight and Carolina Long Bay off North Carolina.
- TotalEnergies will exit those projects, pledge no new U.S. offshore wind, and steer $928 million into the Rio Grande LNG plant in Texas, shale gas, and Gulf of Mexico oil.
- The payment reimburses the company for its winning bids awarded in 2022, after which the federal government will terminate the two leases.
- Interior Secretary Doug Burgum framed the deal as boosting affordability and reliability, while CEO Patrick Pouyanné said gas is the cheaper option and pointed to LNG supplies for Europe.
- The buyout follows a year of regulatory battles, even as other offshore wind projects such as Vineyard Wind and Revolution Wind recently hit construction and power-delivery milestones.