The U.S. Department of the Interior (DOI) announced a settlement agreement with Duke Energy under which the utility will voluntarily terminate its offshore wind lease in the Carolina Long Bay Wind Energy Area off the coast of North Carolina in exchange for nearly $129 million in partial reimbursement. The agreement represents the fourth offshore wind lease buyout deal reached by the Trump administration, bringing total buyout expenditures to nearly $2.6 billion across multiple agreements with developers on the East and West Coasts. Previous buyout deals included agreements with Invenergy and energyRe for the Leading Light Wind project off New Jersey, Golden State Wind off California, and other developers holding federal offshore wind leases. Duke Energy’s exit removes the last remaining offshore wind project proposed for the Carolina Long Bay area, narrowing North Carolina’s near-term offshore wind development pipeline. The buyout program, which the administration has characterized as addressing national security concerns, has drawn sharp criticism from state officials, environmental groups, and some industry participants who argue the payments constitute an improper use of taxpayer funds to dismantle a lawful industry. More information can be found here.
