The Indicator from Planet Money · Monday, August 10, 2026
The Trump administration is spending over $2.7 billion to buy out and cancel nine large offshore wind leases, originally awarded by the Biden administration. This move is seen as an unusual tactic, distinct from traditional bans or moratoriums, where the government pays companies to abandon energy projects. Duke Energy, for example, received a $129 million buyout to abandon its North Carolina offshore wind farm plans.
“His administration will be paying energy firms billions of dollars to completely walk away from wind farms. The latest casualty is a proposed offshore wind farm in North Carolina. US company Duke Energy agreed to a $129 million buyout from the White House to abandon its plans to build it.”
“This idea of essentially subsidizing scarcity by paying firms not to develop energy projects is pretty novel in American history. I mean, bans and moratoriums, sure. But actually spending federal money to take away these rights, to buy out these rights, is, uh, extremely unusual.”
“It is agreed to spend more than $2.7 billion to buy out and cancel nine large offshore wind leases. The leases were originally awarded by the Biden administration back in 2022.”