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Duke Energy Terminates $129 Million North Carolina Offshore Wind Lease

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The Trump administration reached a settlement agreement with Duke Energy (DUK) on Monday to terminate an offshore wind lease off the coast of North Carolina and redirect about $129 million into new power generation and grid infrastructure projects.

Under an agreement with the Interior Department, Duke will voluntarily surrender its offshore wind lease in the Carolina Long Bay area, which it had acquired for about $129 million.

The utility will reinvest an equivalent amount in additional electricity generation capacity and grid improvements to support customers in North Carolina and neighboring states.

The department said the agreement would provide partial reimbursement for the early-stage offshore wind project, allowing the funds to be redeployed to meet growing US energy demand.

Doug Burgum, US Secretary of the Interior, said the agreement would enable Duke to redirect investment into projects aimed at lowering consumer costs.

Duke said the settlement would allow the utility to focus its investment on projects that directly benefit customers and communities across the Carolinas.

The company said the reinvestment could include advancing new nuclear and natural gas generation projects, as well as upgrading the electricity grid to improve reliability and better serve customers.

Price: $127.99, Change: $-0.41, Percent Change: -0.32%

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