The Trump administration has agreed to pay TotalEnergies $1 billion to abandon its offshore wind leases in the U.S., redirecting the funds into domestic fossil fuel projects. This move aims to block significant wind capacity, including a major 3 GW project off New Jersey, amid ongoing energy price volatility. The decision reflects a policy shift against renewable energy development in favor of oil and gas investments.
Background
Offshore wind development has been a key part of U.S. renewable energy expansion, with leases awarded under previous administrations to reduce carbon emissions. The Trump administration has consistently opposed wind energy, favoring fossil fuel production instead.
- Source
- Ars Technica
- Published
- Mar 24, 2026 at 03:30 AM
- Score
- 7.0 / 10