June 29 (Reuters) – Duke Energy (DUK.N) will end its offshore wind lease in the Carolina Long Bay area as part of a settlement agreement with the U.S. Department of the Interior, the department said on Monday, in the latest move by U.S. President Donald Trump to shift investments away from the renewable power source.
President Donald Trump’s administration has reached deals with multiple power companies this year to terminate offshore wind leases in exchange for pledged investments in fossil fuel-fired electricity.
Under the latest agreement, Duke will reinvest nearly $129 million in additional electric power capacity in the Carolinas. Duke, in the same statement, said it is considering investments in nuclear power, which is virtually emissions-free, and power from natural gas, a fossil fuel, along with grid investments.
Reporting by Pooja Menon in Bengaluru and Laila Kearney in New York
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