Trump administration and Duke Energy end offshore wind lease

The Trump administration has reached an agreement with Duke Energy to terminate a major offshore wind project planned off the coast of North Carolina, the fourth such deal to unwind leases granted under the previous administration. Under the settlement announced on Monday, June 29, 2026, Duke Energy will voluntarily surrender its lease in the Carolina Long Bay area in exchange for a $129 million reimbursement from the Department of the Interior.

The utility plans to reinvest the funds into what it describes as reliable, dispatchable energy sources, including potential new nuclear and natural gas generation, as well as grid enhancements to serve customers in the Carolinas. Kodwo Ghartey-Tagoe, executive vice president and chief executive officer of Duke Energy Carolinas, stated the settlement allows the company to refocus the capital in ways that directly benefit customers and communities.

Interior Secretary Doug Burgum framed the agreement as advancing President Donald Trump's energy agenda, emphasizing affordable and reliable power while characterizing the move as addressing a national security concern. The administration has pursued a series of similar negotiated settlements...