US, TotalEnergies reach ‘nearly US$1bil’ settlement to end wind power projects

2026-03-23 - 22:10

TotalEnergies had 4GW of offshore projects under development, including 3GW in the New York Bight and 1GW in North Carolina. (Reuters pic) HOUSTON: The US and TotalEnergies on Monday signed an agreement to end the French company’s offshore US wind farm projects and redirect those funds towards fossil fuel production, with the US interior secretary saying the deal was worth “nearly US$1 billion”. US interior secretary Doug Burgum made the announcement at the annual CERAWeek conference in Houston, at an event where he appeared alongside TotalEnergies CEO Patrick Pouyanne, after which both men signed the agreement. French giant TotalEnergies had 4GW of offshore projects under development, including 3GW for the New York Bight project and 1GW in North Carolina. However, at the end of 2024, Pouyanne announced that they were “put on hold” due to the unlikelihood of obtaining federal licenses from the Trump administration. Under former president Joe Biden, the US had accelerated progress on wind farm construction as part of its fight against climate change. US president Donald Trump, however, has reversed course on many of Biden’s climate policies, taking particular aim at wind power. Trump has long complained about the aesthetics of wind farms, and says they produce expensive electricity. In December, the Trump administration put five wind power projects on hold, citing “national security” risks. That order was then nullified by rulings at several US federal courts, allowing work to resume.