Termination

The US Department of the Interior has settled with Duke Energy, whereby the company will terminate its offshore wind lease in the Carolina Long Bay area.

In return, Duke Energy will invest an additional $129 million in generating capacity in the Carolinas.

According to the Department of the Interior, the agreement will provide partial reimbursement for the early-stage offshore wind lease and support efforts to deliver alternative energy sources.

Duke Energy has confirmed that it will invest almost $129 million in generating capacity, which could include nuclear, natural gas and grid enhancements.

According to the Trump administration, the settlement is designed to prioritise customer value.

“President Trump’s vision of unleashing affordable, reliable American energy for our country’s communities and putting the American people first is being implemented,” said Secretary of the Interior, Doug Burgum.

“Duke Energy will now be able to convert a national security concern into projects that will lower costs for its customers in North Carolina and surrounding states. This agreement is a win-win scenario and has become a hallmark of how the Trump administration operates.”

“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.