Story perspectives

Duke Energy Cancels $129M Wind Lease, Funds Nuclear, Gas

6/30/2026

Summary

Duke Energy Terminates

June 29, 2026, U.S. officials announced Duke Energy will terminate its Carolina Long Bay offshore wind lease.
Duke Energy will redirect nearly $129 million from the cancelled lease to new nuclear and natural-gas capacity.
Interior Secretary Doug Burgum said the settlement advances President Donald Trump’s agenda, cuts costs, is part of a program that has shifted over $2.5 billion from wind to conventional projects, and leaves Kitty Hawk project in waters.

Summary

Duke Energy Cancels

Duke Energy cancelled a lease that had supplied 1.6 GW of wind capacity.
The $129 million redirected will not replace that lost wind capacity soon.
The cancellation may increase short-term reliance on natural gas and coal as North Carolina’s electricity demand rises from data-center and manufacturing growth.
State regulators warn that nuclear’s high upfront costs could raise electricity rates, although uprating reactors might add about 200 MW.

Summary

Duke Energy Settles

The offshore wind lease was terminated through a settlement agreement between Duke Energy and the U.S. Department of the Interior.
The Department of the Interior disclosed the settlement publicly on June 29, 2026.
The deal follows earlier 2026 settlements with other power companies, showing a systematic effort to replace offshore wind projects with alternative energy investments.

Summary

Trump Administration Reimburses

The Trump administration agreed to pay $129 million to reimburse a utility for canceling the Carolina Long Bay offshore wind lease.
Interior Secretary Doug Burgum said the settlement follows President Donald Trump’s vision of affordable, reliable American energy, noting the lease had not yet begun construction.
The deal, the fourth utility reimbursement for abandoning offshore wind, signals a broader shift away from renewable projects in federal waters.

History

Historical Context

After early-2000s optimism and projects like Cape Wind (canceled 2017) faced federal setbacks, the 2026 Duke Energy settlement redirected $129 million and cancelled 1.6 GW of the Carolina Long Bay offshore wind plan, echoing the 2025 executive order halting new offshore wind leases that stalled regional offshore wind development. These reversals have pushed utilities toward natural-gas and nuclear, raising electricity rates nationwide.

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Duke Energy Terminates

June 29, 2026, U.S. officials announced Duke Energy will terminate its Carolina Long Bay offshore wind lease.
Duke Energy will redirect nearly $129 million from the cancelled lease to new nuclear and natural-gas capacity.
Interior Secretary Doug Burgum said the settlement advances President Donald Trump’s agenda, cuts costs, is part of a program that has shifted over $2.5 billion from wind to conventional projects, and leaves Kitty Hawk project in waters.

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