"TotalEnergies will abandon offshore wind projects deemed too big and expensive without federal subsidies in the U.S., opting instead for onshore wind, solar, and battery storage."
"The agreement with the U.S. Interior Department allows TotalEnergies to redirect nearly $1 billion in offshore wind investments to natural gas projects, particularly in Texas."
"Patrick Pouyanné stated, 'It's good to be innovative from time to time and pragmatic. We can recycle this money ... into smarter investments.'"
TotalEnergies will eliminate nearly $1 billion in offshore wind projects along the U.S. East Coast due to threats from the Trump administration. The company will receive approximately $928 million in reimbursements for its investments in the Attentive Energy and Carolina Long Bay projects. TotalEnergies will focus on onshore wind, solar, and battery storage while abandoning offshore wind due to high costs without federal subsidies. The agreement also emphasizes increased investments in natural gas projects, particularly in Texas and the Gulf of Mexico.
Read at Fortune
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