US-French Deal Scraps Offshore Wind, Boosts Gas

0:00On March 23, the U.S. government and French energy giant total energies have struck a deal to scrap two offshore wind farm projects off the coasts of North Carolina and New York. This frees up nearly $1 billion previously tied up in lease deposits, redirecting it straight into natural gas production. Interior Secretary Doug Bergham announced the agreement Monday at the CROE Conference in Houston, standing side by side with total energy CEO. Patrick Poyan as they signed it. The move pulls back funds from what Bergham called, costly, weather-dependent wind subsidies pushed by the previous administration. Company leaders see this as a smart pivot. Poyan noted that offshore wind isn't the cheapest way to generate power these days. It reflects the Trump administration's broader rollback of Biden-era climate pushes, including pauses on several wind projects over national security. The funds, though courts later stepped in to lift some of those holds.

1:00The scrap projects totaled four gigawatts of capacity, with three gigawatts planned for the New York Bid area and one gigawatt off North. Carolina. Total energies had already paused them late last year, doubting federal approvals under the new leadership. On top of that, total energies inked a letter of intent with developers for the Alaska-liquified natural gas project, committing to buy two million. Funds a year for 20 years. This signals a clear shift toward reliable fossil fuels as energy priorities realign.