US govt pays TotalEnergies nearly $1B to stop US offshore wind projects

The US government signed a deal with TotalEnergies worth nearly $1 billion to terminate the French company's offshore wind projects off the coasts of North Carolina and New York, redirecting those funds toward fossil fuel production. TotalEnergies CEO Pouyanné said the $928 million previously invested in wind leases would be redirected to US natural gas projects, particularly the Rio Grande LNG plant. The company also signed a letter of intent for long-term offtake from the Alaska LNG project.