Trump Administration, Duke Energy End $129 Million Offshore Wind Lease in North Carolina

The Trump administration and Duke Energy ($DUK) reached a settlement terminating the utility's $129 million offshore wind lease off the coast of North Carolina. Under the agreement, Duke will voluntarily relinquish the lease and reinvest an equivalent amount into additional generating capacity, which the company said could include new nuclear generation, natural gas facilities, and grid modernization projects.

• Duke Energy will terminate its Carolina Long Bay offshore wind lease, originally acquired in 2022 and valued at approximately $129 million.
• The company will reinvest roughly $129 million into additional generating capacity, potentially including nuclear, natural gas, and grid infrastructure.
• The Interior Department said the agreement aligns with the Trump administration's Energy Dominance Agenda and supports investment in what it described as reliable, cost-effective energy sources.
• Duke had paused development of the offshore wind project in 2025 while reevaluating costs and market conditions.

Relevant Companies

• Duke Energy ($DUK) – The company will redirect approximately $129 million from offshore wind development toward new generating capacity and grid investments.
• Constellation Energy ($CEG) – The administration's emphasis on expanding nuclear generation could benefit companies with existing nuclear expertise and assets.
• Vistra ($VST) – Increased investment in dispatchable generation and grid reliability could support demand for natural gas and nuclear generation assets.

Editor’s Note: This is a developing story. This article may be updated as more details become available.