Big Oil giant TotalEnergies will eliminate nearly $1 billion in offshore wind projects planned along the U.S. East Coast under the threat of cancelation from the Trump administration in exchange for redirecting the reimbursed funds to U.S. natural gas projects, primarily in Texas.
In the so-called “landmark agreement” announced March 23 between TotalEnergies and the U.S. Interior Department, the federal government will reimburse the French energy giant about $928 million for its investments in the Attentive Energy and Carolina Long Bay projects offshore of New York and North Carolina, respectively, which were put on hold by the company after President Donald Trump was elected.
Speaking at the CERAWeek by S&P Global event in Houston, TotalEnergies chairman and CEO Patrick Pouyanné said he is opting “not to litigate, but to make pragmatic solutions.”
While TotalEnergies will continue to pursue onshore wind, solar, and battery storage projects in the U.S., he said, the company will abandon offshore wind that is now deemed too big and expensive without federal subsidies in the U.S.
“It’s good to be innovative from time to time and pragmatic,” Pouyanné said. “We can recycle this money … into smarter investments.”
Read more: https://fortune.com/2026/03/23/total-energies-offshore-wind-natural-gas-trump-agreement/
https://fortune.com/2026/03/23/total-energies-offshore-wind-natural-gas-trump-agreement/
Posted by fortune
7 Comments
An absolute win for TE and an absolute loss for the US.
Actually US shale producers benefit.
Conservatives see it as a win because they don’t pay taxes anyways. Just more owning the libs
Fossil fuel industry, is just getting their return on their investments for backing Trunp..
Ha I’d be shocked if this agreement actually results in TE making natural gas investments. What a joke
Most of this is giving back what they paid for the leases.
Not that it doesn’t anger me as a taxpayer.
Terrorist saboteur does saboteur things.
He can’t do this without congress.