June 29, 2026 - The Trump administration on Monday said it would pay Duke Energy $129 million to abandon its plans to build an offshore wind farm off North Carolina.

It was the fourth such deal struck by the administration to throttle the development of offshore wind power, a source of renewable energy that President Trump has disparaged for decades.

Under the agreement, Duke Energy would surrender its lease in federal waters for a wind farm that was planned in the Carolina Long Bay area, roughly 15 to 22 miles off southeastern North Carolina. The project was in the early stages of development and construction had not yet begun.

The government plans to reimburse Duke Energy $129 million, slightly less than the amount that the utility paid for the lease under the Biden administration. Duke Energy would then reinvest that money in other sources of energy favored by the Trump administration, which could include new nuclear and natural gas projects, according to the utility.

Scientists and environmentalists say that offshore wind farms could play a crucial role in the fight against climate change. Unlike burning fossil fuels, wind turbines do not generate any of the greenhouse gases that are dangerously warming the planet. And unlike large-scale solar farms, they do not take up vast amounts of valuable land.

The Trump administration, however, has criticized offshore wind projects as ugly and inefficient.

“President Trump’s vision of unleashing affordable, reliable American energy for our country’s communities and using common sense to put the American people first is being implemented,” Interior Secretary Doug Burgum said in a statement on Monday.