French Energy Giant Engie in Talks for Payout to Exit U.S. Offshore Wind Projects
Another French energy giant is pursuing a financial settlement with the Trump administration to abandon its offshore wind projects in the United States. Utility company Engie is currently in negotiations with the federal government regarding a possible refund for its U.S. offshore wind leases, as President Donald Trump seeks to halt the expansion of an energy source rapidly growing in Europe and Asia.
Since Trump returned to office last year, Engie has paused development on three offshore wind projects and already incurred losses on its joint venture, Ocean Winds.
In an interview with Reuters, Engie CEO Catherine MacGregor confirmed the utility’s pursuit of a deal similar to the one negotiated by French oil and gas giant TotalEnergies in recent weeks.
“We’ll see about these terms. An agreement is possible depending on the discussions.”She emphasized her support for offshore wind, stating,
“Economically and also in terms of public acceptance, I strongly believe in offshore wind power. Of course, you have to plan the projects well, you have to involve the fishermen.”However, she added that “new offshore wind projects are going to be complicated regardless of the administration.”
Legal and Financial Uncertainties Surrounding the Deals
The $1 billion TotalEnergies deal may face legal challenges. As reported by Heatmap’s Emily Pontecorvo, documents suggest that the Trump administration’s legal justification for using a federal settlement fund is weak. Additional documents indicate that TotalEnergies is not required to make new investments in U.S. oil and gas under the agreement, contradicting claims made by Trump officials about the deal.
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