Chicago – March 23, 2026
The Trump administration has agreed to pay French energy giant TotalEnergies about 1 billion dollars to abandon two U.S. offshore wind leases, intensifying its rollback of federal support for renewable energy projects. The Department of the Interior said the deal effectively refunds what TotalEnergies paid for leases off the coasts of New York and North Carolina, awarded under earlier offshore wind auctions.
According to draft settlement documents reported by multiple outlets, the Justice Department would reimburse more than 928 million dollars, with the total package valued at roughly 1 billion dollars when associated costs are included.
In exchange, TotalEnergies has committed to shift its planned U.S. investments toward oil and natural gas projects, aligning with President Donald Trump’s broader emphasis on expanding fossil fuel production.
The move comes after courts repeatedly blocked earlier attempts by the administration to halt offshore wind construction, marking a strategic pivot from legal challenges to financial settlements as a tool to reshape U.S. energy policy
