TotalEnergies has signed settlement agreements with the United States Department of the Interior (DOI) to relinquish its Carolina Long Bay lease and its New York Bight lease, both awarded in 2022, along with its partners. As a result, TotalEnergies will no longer develop offshore wind projects in the United States.
Under the terms of the settlement, TotalEnergies will recover the lease fees paid and will invest an equal amount in the development of U.S. Gas & Power production and exports.
"TotalEnergies’ studies on these leases have shown that offshore wind developments in the United States, unlike those in Europe, are costly and might have a negative impact on power affordability for U.S. consumers. Since other technologies are available to meet the growing demand for electricity in the United States in a more affordable way, TotalEnergies considers there is no need to allocate capital to this technology in the U.S.," it said.
