Total Released From $1 Billion US Offshore Wind Leases (1)

The Trump administration released TotalEnergies SE and its partners from $1 billion in offshore wind leases so the French energy giant can redirect those funds into oil and natural gas investments in the US.

Under the agreement, Total is no longer committed to developing wind farms off the coasts of New York, New Jersey and North Carolina, Interior Secretary Doug Burgum said on Monday at the CERAWeek by S&P Global conference in Houston.

In return for the new fossil-energy investments, the US will reimburse TotalEnergies “dollar-for-dollar” up to the amount the company paid for the initial leases, according to an ...