March 24, 2026 — The Trump administration will pay $1 billion to a French company to walk away from two U.S. offshore wind leases as the administration ramps up its campaign against offshore wind and other renewable energy.
TotalEnergies has agreed to what’s essentially a refund of its leases for projects off the coasts of North Carolina and New York, and will invest the money in fossil fuel projects instead, the Department of Interior announced Monday.
President Donald Trump’s administration has tried to halt offshore wind construction, but federal judges repeatedly overturned those orders.
The Interior Department hailed the “innovative agreement” with the French energy giant and said, “the American people will no longer pay for ideological subsidies that benefited only the unreliable and costly offshore wind industry.″
Environmental groups denounced the deal as an alternate way to block wind projects, with one group calling it a “billion-dollar bribe” to kill clean energy.