Duke Energy Ends NC Offshore Wind Lease, Redirecting $129 Million to Grid and New Generation
Updated
Updated · Carolina Journal · Jun 29
Duke Energy Ends NC Offshore Wind Lease, Redirecting $129 Million to Grid and New Generation
3 articles · Updated · Carolina Journal · Jun 29
Summary
$129 million tied to Duke Energy’s Carolina Long Bay offshore wind project will be redirected after a federal settlement let the utility voluntarily terminate its lease.
Duke said offshore wind no longer looked cost-effective or reliable, citing rising project costs, long development timelines and fast-growing power demand in the Carolinas.
The company plans to shift the money into added generating capacity and grid upgrades, with natural gas and advanced nuclear among the options under the Interior Department agreement.
The canceled project, planned 22 miles south of Bald Head Island, had been expected to power more than 300,000 homes.
The move extends the Trump administration’s broader retreat from offshore wind as Southeastern utilities face record demand from manufacturing, data centers and population growth.