The Department of the Interior announced on June 29 a settlement agreement with Duke Energy to provide affordable, reliable power aimed at reducing costs and advancing President Donald Trump’s Energy Dominance Agenda.
As part of the agreement, Duke Energy will voluntarily terminate its offshore wind lease in the Carolina Long Bay area, valued at $129 million. The company will reinvest that amount into additional generating capacity to better serve customers in North and South Carolina. The Department said this move is intended to help Duke execute an energy modernization strategy while prioritizing customer value.
According to the announcement, the settlement provides partial reimbursement for an early-stage offshore wind lease. The redeployed funds are expected to support projects designed to deliver strong results for American taxpayers and encourage investment in reliable, cost-effective energy sources.
“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,” said Secretary of the Interior Doug Burgum. “Duke Energy will now be able to convert a national security concern into projects that will lower the costs for its customers in North Carolina and surrounding states. The agreement is a win-win scenario that has become a hallmark for 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.”