US Prepares $928M Payout to TotalEnergies for Wind Lease Cancellations

U.S. officials under the Trump administration are preparing agreements to compensate French energy company TotalEnergies with more than $928 million for canceling two offshore wind leases in federal waters off New York and North Carolina, according to documents reviewed by The New York Times.

The proposed settlements involve the Interior Department revoking the leases for the Attentive Energy project off New York and the Carolina Long Bay project off North Carolina. In return, the Justice Department would reimburse TotalEnergies for its winning bids from federal auctions held during the Biden administration. Even if TotalEnergies declines the payment, the leases would still be terminated, the documents indicate. As part of any agreement, the company would forgo developing the wind farms and redirect investments toward natural gas infrastructure in Texas.

TotalEnergies formed a joint venture for the Attentive Energy project in October 2023, aiming to build turbines capable of generating power for hundreds of thousands of homes. The company secured the Carolina Long Bay lease in 2022. Following Donald Trump's election victory in November 2024, TotalEnergies paused development on...