March 17 - Federal officials in the United States are drafting settlement agreements that would involve paying nearly $1 billion to the French energy company TotalEnergies in exchange for cancelling two offshore wind leases, according to documents cited in reporting on the matter.
The proposed settlements would see the U.S. Department of the Interior cancel the federal leases for two projects identified as Attentive Energy, off the coast of New York State, and Carolina Long Bay, off the coast of North Carolina. Following cancellation of the leases, the U.S. Department of Justice would make a payment to TotalEnergies of more than $928 million, compensating the company for winning bids in lease sales conducted under the previous administration, the documents indicate.
The White House, the Justice Department and the Interior Department did not immediately respond to requests for comment. TotalEnergies declined to comment on the report. Reuters could not immediately verify the report, according to the accounts cited.
It is not clear whether TotalEnergies will accept the draft settlements. The documents cited say the Trump administration would cancel the leases even if the company rejects the proposed settlements, leaving the option of unilateral cancellation on the table.
In October 2023 TotalEnergies formed a joint venture to develop the Attentive Energy offshore wind project located off New York. The company announced in November 2024 that it had paused development of that project following the U.S. presidential election. The firm also won the Carolina Long Bay lease in 2022.
Under the settlement terms described in the reporting, TotalEnergies would abandon its plans to initiate construction of the two wind farms. The documents also indicate the company would commit to investing in natural gas infrastructure in Texas as part of the agreement.
Offshore wind developers have experienced repeated disruptions under the current administration, which has publicly argued against onshore and offshore wind projects on aesthetic and cost grounds. The reporting noted that the administration's position includes statements that wind turbines are "ugly, expensive and inefficient."
The report also included a promotional line referencing TTEF and an investor valuation tool: "Is TTEF a bargain right now? The fastest way to find out is with our Fair Value calculator. We use a mix of 17 proven industry valuation models for maximum accuracy. Get the bottom line for TTEF plus thousands of other stocks and find your next hidden gem with massive upside. See Undervalued Stocks."