US Mulls $1B Settlement for Abandoned Wind Farms

U.S. officials are drafting agreements to pay French oil major TotalEnergies TTEF.PAabout $1 billion in settlements due to the cancellation of leases for its wind farms in federal waters off New York State and North Carolina, the New York Times reported on Tuesday.

Under the terms of the proposed settlements, the U.S. Interior Department will cancel the leases in federal waters for two projects, known as Attentive Energy and Carolina Long Bay, the NYT said, citing documents.

The Justice Department will then pay more than $928 million to TotalEnergies, compensating the firm for its winning bids in lease sales under the previous Biden administration, according to the NYT report.

The White House, the U.S. Department of Justice, the U.S. Department of Interior and TotalEnergies did not immediately respond to Reuters requests for comment. Reuters could not immediately verify the report.

The French energy group had formed a joint venture in October 2023 for the development of the Attentive Energy offshore wind project off the coast of New York. In November 2024, it said it had paused the development of the wind farm