Trump Administration to Pay $928M to Cancel East Coast Wind Farms

The Trump administration announced it will pay French energy company TotalEnergies approximately $928 million to abandon plans for two offshore wind farms off the coasts of New York and North Carolina. Under the deal, TotalEnergies will forfeit its federal water leases, and the Justice Department will reimburse the amount TotalEnergies paid for those leases during the Biden administration. The announcement was made at an energy conference in Houston.