economy
US to pay almost $1bn to French energy company to kill wind project plan
Trump administration announces deal with TotalEnergies to redirect investment in wind to oil and gas instead
TL;DR
- The Trump administration is paying TotalEnergies $1bn to cancel plans for offshore wind farms on the US east coast.
- TotalEnergies will give up leases off New York and North Carolina, receiving reimbursement for its initial $928m investment.
- The French energy major will instead invest nearly $1bn in US oil and gas projects, including the Rio Grande LNG plant and Gulf of Mexico oil production.
- Critics call the deal a 'taxpayer-funded bribe' that harms clean energy and deepens reliance on fossil fuels.
- The move comes amid a global fuel crisis and highlights ongoing tensions between the administration's fossil fuel focus and offshore wind development.