Trump Administration Pays Duke Energy $129 Million to Cancel Offshore Wind Lease

The Trump administration has agreed to pay Duke Energy $129 million to abandon its offshore wind project off North Carolina. The payment marks the fourth such deal struck by the administration to cancel offshore wind leases.

The company will forfeit its lease rights in exchange for the payment. Officials described the transaction as a voluntary settlement between the administration and the lease holder.

Three earlier agreements followed the same pattern of payments to companies that agreed to surrender their offshore wind leases. No additional lease areas or payment amounts were disclosed in connection with the earlier transactions. The administration has not announced further lease cancellations or additional compensation agreements.