Offshore Wind
The U.S. Department of the Interior announced on Monday that it will refund nearly $1 billion to TotalEnergies for two unused offshore wind leases in the Atlantic Ocean. In exchange, the French company pledged to invest the funds in existing oil and gas projects in the Gulf of Mexico and Texas. Critics called the deal opaque and unnecessary.
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Dominion Energy's 2.6-gigawatt Coastal Virginia Offshore Wind project, located 30 miles off Virginia Beach, is on track to begin feeding power to the grid in March 2026. The utility has completed installation of all 176 turbine foundations ahead of schedule, aided by good weather and a quiet hurricane season. This milestone positions the project to meet rising energy demands amid political uncertainties.