The U.S. government has drafted settlement agreements that would pay TotalEnergies $928 million to cancel two offshore wind leases off the coasts of New York and North Carolina.
The leases in question are the Attentive Energy project in the New York Bight and the Carolina Long Bay project in North Carolina. TotalEnergies acquired the Carolina Long Bay lease for $160 million and the Attentive Energy lease for $795 million in 2022, a total of $955 million. The proposed settlement amount is therefore close to the company’s original investment in the two projects.
TotalEnergies halted progress on the projects in November 2024 amid political uncertainty following the U.S. presidential election. The settlement includes a commitment from TotalEnergies to invest in natural‑gas infrastructure in Texas, while the U.S. government seeks to reduce offshore wind activity, a stance that also led to the rescission of Wind Energy Areas in July 2025.
Although the $928 million settlement is a sizable payout for the specific leases, it represents a small fraction of TotalEnergies’ overall scale. The company reported adjusted net income of $15.6 billion and cash flow of $27.8 billion in Q4 2025, underscoring that the settlement is a minor financial event relative to its broader operations.
Strategically, TotalEnergies remains focused on its goal of 100 GW of renewable capacity by 2030 and continues to pursue offshore wind projects worldwide, including a partnership with RWE in Germany. The U.S. settlement signals a shift away from politically uncertain offshore wind in the United States, prompting the company to reallocate capital toward its natural‑gas and other renewable initiatives.
The settlement illustrates how regulatory actions can reshape investment decisions and highlights the ongoing political headwinds facing the U.S. offshore wind sector.
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