TotalEnergies will give up its North Carolina and New York offshore wind leases, worth nearly $1 billion, and instead invest in US gas, oil, and the Rio Grande LNG project, reports the Utility Drive. The company cited high costs and electricity affordability concerns as reasons for exiting.
The settlement reimburses the lease fees, which TotalEnergies plans to reinvest in US gas and power production, including the 29 Mt Rio Grande LNG plant and oil and gas development. The company cited high costs and potential impacts on US power affordability as reasons for exiting wind, while continuing to support LNG exports and domestic energy needs.
Additionally, TotalEnergies signed a Letter of Intent with Glenfarne for a 20-year LNG offtake from the Alaska LNG project.
