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HOUSTON, Texas — In a dramatic escalation of his “Energy Dominance” agenda, President Donald Trump has finalized a nearly $1 billion settlement with French energy giant TotalEnergies to permanently scrap two of the largest planned offshore wind farms in the United States.
The deal, announced Monday at the CERAWeek energy conference in Houston, marks a strategic shift for an administration that has spent its first 14 months attempting to stall the renewable energy sector through regulatory freezes and national security claims.
The Buyout: Breaking Down the $928 Million
Under the terms of the agreement, the Department of the Interior will provide a “dollar-for-dollar” reimbursement to TotalEnergies for the lease fees paid during the Biden administration in 2022. The payment targets two massive projects that were expected to power over 1.3 million homes:
- Attentive Energy (NY/NJ): A 3-gigawatt project in the New York Bight. TotalEnergies will receive $795 million to relinquish this lease.
- Carolina Long Bay (NC): A 1.2-gigawatt project off the coast of North Carolina. The administration will pay roughly $133 million to cancel this development.
In exchange for the payout, TotalEnergies has pledged to exit the U.S. offshore wind market entirely and has signed a “no-compete” clause regarding future federal wind auctions.
The “Fossil Fuel Pivot”
The settlement is not a simple refund; it is a redirection of capital. TotalEnergies has committed to reinvesting the full $928 million into U.S. fossil fuel infrastructure. Key investments include:
- Rio Grande LNG (Texas): Financing the expansion of Trains 1 through 4 at the massive export terminal in Brownsville.
- Shale Gas Expansion: Boosting hydraulic fracturing operations across the U.S. interior.
- Gulf of America Drilling: Accelerating upstream conventional oil production in the newly renamed Gulf of Mexico.
Interior Secretary Doug Burgum hailed the move as a victory for “dependable, affordable baseload power,” labeling offshore wind as “environmentally disruptive and subsidy-dependent.”
A New Legal Strategy
This “pay-to-exit” model follows a string of high-profile losses for the administration in federal courts. Earlier this year, judges struck down five “stop-work” orders against active projects like Vineyard Wind and Revolution Wind, ruling that the government failed to prove imminent national security risks.
By using taxpayer funds to buy back leases, the administration is effectively bypassing the judiciary. “After failing to shut down wind through strong-arm tactics, they are now using a billion-dollar bribe to force developers out,” said a spokesperson for the Environmental Defense Fund.
Market Implications
The deal comes at a volatile time for global energy. With the Strait of Hormuz facing potential closure and domestic natural gas prices spiking due to winter storms, critics argue that killing “zero-fuel-cost” wind generation will only increase long-term energy costs for American families.
However, for TotalEnergies CEO Patrick Pouyanné, the deal offers a clean break from a politically fraught market. “Considering that the development of offshore wind projects is not in the country’s interest,” Pouyanné stated, “investing in U.S. LNG is a more efficient use of capital.”
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