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Posts Tagged ‘Carolina Long Bay’

Both Carolina Long Bay wind leases are now gone

Posted in energy policy, Offshore Wind, tagged , , , , on June 29, 2026| Leave a Comment »

Duke Energy will voluntarily terminate its offshore wind lease located in Carolina Long Bay.

“This settlement allows Duke Energy to refocus $129 million in ways that directly benefit our customers and communities in the Carolinas,” said Kodwo Ghartey-Tagoe, Executive Vice President and Chief Executive Officer of Duke Energy Carolinas. “Under the agreement, Duke Energy will reinvest nearly $129 million in additional generating capacity, which may include advancing new nuclear and natural gas generation, and grid enhancements to strengthen reliability, support continued growth in the Carolinas and keep costs as low as possible.”

Both Carolina Long Bay leases have now been terminated. In March, Total had agreed to relinquish its Long Bay lease.

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Details of US agreement with TotalEnergies to end offshore wind projects

Posted in energy policy, Offshore Energy - General, Offshore Wind, tagged , , , , , , , , on March 24, 2026| 1 Comment »

Lease 0538
lease 0545

Per the Dept. of the Interior:

  • TotalEnergies commits to invest approximately $1 billion—the value of its renounced offshore wind leases—in oil and natural gas and LNG production in the United States.
  • Following their new investment, the United States will reimburse the company dollar-for-dollar, up to the amount they paid in lease purchases for offshore wind.
  • Specifically, TotalEnergies will invest $928MM, in the following projects in 2026:
    • The development of Train 1 to 4 of Rio Grande LNG plant in Texas;
    • The development of upstream conventional oil in Gulf of America and of shale gas production.
  • Following theseTotal investments, the U.S. will terminate the following leases and reimburse the company:
    • Lease No. OCS-A 0535 (now 0545).  The lease is located in Carolina Long Bay area. This lease was fully executed by TotalEnergies Renewables USA, LLC on June 1, 2022, after payment of $133,333,333.
    • Lease No. OCS-A 0538.  The lease is located in the New York Bight area. The lease was fully executed by Attentive Energy, LLC on May 1, 2022, after payment of $795,000,000.
  • Total pledges not to develop any new offshore wind projects in the United States.

Comments:

  • This is a good deal for Total.
  • They grossly overpaid for these leases during an offshore wind bidding frenzy.
  • In particular, the bid of $795 million for the New York Bight lease seemed irrational even at the time of the sale (more so now).
  • Construction had not begun on either wind project.
  • The LNG project looks like a good investment, and there are good opportunities to buy into deepwater and onshore shale projects.

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