Global Finance News
24 Mar 2026, 22:33
TotalEnergies has agreed to exit its U.S. offshore wind activities, signing settlement agreements with the Department of the Interior to relinquish leases in the Carolina Long Bay and New York Bight areas.
Under the deal, the company will recover its lease payments and redirect an equivalent amount of investment into U.S. gas and power projects, including LNG development. The decision follows internal assessments that offshore wind projects in the U.S. are relatively costly and could impact electricity affordability.
TotalEnergies plans to focus instead on expanding its LNG and gas operations, including potential long-term supply agreements, positioning these investments as a more efficient allocation of capital to meet rising energy demand and support exports to Europe.
Under the deal, the company will recover its lease payments and redirect an equivalent amount of investment into U.S. gas and power projects, including LNG development. The decision follows internal assessments that offshore wind projects in the U.S. are relatively costly and could impact electricity affordability.
TotalEnergies plans to focus instead on expanding its LNG and gas operations, including potential long-term supply agreements, positioning these investments as a more efficient allocation of capital to meet rising energy demand and support exports to Europe.