Particle.news
Download on the App Store
6 ARTICLES
·
last mo.

U.S. Pays TotalEnergies $928 Million to Cancel Two Offshore Wind Leases

The payout signals a turn from building offshore wind to funding oil and gas projects.

Image
Image
Drohnenaufnahme von Rotorblättern und anderen Bauteilen für einen im Bau befindlichen Offshore-Windparks
Der französische Energiekonzern TotalEnergies hat sich mit der US-Regierung auf ein Aus für seine Windparkprojekte vor der Ostküste der Vereinigten Staaten geeinigt. Die Investitionen von 928 Millionen Dollar sollen demnach in Erdgasprojekte fließen.

Overview

  • The Interior Department will pay about $928 million to have TotalEnergies give up two Atlantic offshore wind leases.
  • The leases cover New York Bight off New Jersey and Carolina Long Bay off North Carolina, and the rights will return to the federal government.
  • TotalEnergies said it will stop new U.S. offshore wind work and put the money into a Texas liquefied natural gas plant, which cools gas into liquid for shipping, plus shale gas and oil projects.
  • Interior Secretary Doug Burgum said the deal frees cash for affordable and secure oil and gas, and environmental groups warned it uses taxpayer money to back fossil fuels and could strain East Coast power.
  • The move follows earlier federal halts on offshore wind that courts narrowed, and other firms that paid billions for leases may now seek similar refunds.