CHARLOTTE, N.C. – Duke Energy is the latest utility to bow to pressure from the Trump administration to cancel offshore wind leases in return for money.
The $129 million deal by the Interior Department brings the total amount spent on these agreements to about $2.7 billion. The Trump administration has been buying back the leases as it seeks to discourage the expansion of wind energy in favor of more traditional energy sources such as natural gas, coal and nuclear power.
Charlotte-based Duke said the deal will allow it “refocus” the money in range of ways, including new nuclear or natural gas generation, or grid enhancements to strengthen reliability.
French energy giant TotalEnergies, which had partnered with Duke on the North Carolina project, took a similar deal in March.
FILE – Turbines are visible at Sunrise Wind offshore wind farm that is under construction off the coast of Montauk Point, New York, April 23, 2026. (AP Photo/Joshua A. Bickel)
