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Stock impact report

Wind farm deal off Wilmington coast canceled. Here's why. [USA TODAY]

TotalEnergies SE Ordinary Shares (TTE) 
Company Research Source: USA TODAY
Show Caption A French company in a deal with the Trump administration has agreed to drop plans for developing an offshore wind farm south of Bald Head Island. French energy company TotalEnergies has canceled its offshore wind lease off North Carolina's coast. The company will invest the lease's value into fossil fuels in exchange for a reimbursement from the Trump administration. The deal has drawn criticism from clean energy advocates and North Carolina's Democratic governor. With the political climate, at least in Washington, working against it, a French energy giant has cut a deal with the Trump administration to cancel its offshore wind lease off Southeastern North Carolina for investing an equal amount in fossil fuels. The agreement by TotalEnergies is another move that brings into stark question the chance of any wind farms rising in the waters off the Cape Fear coast - at least in the short term. It also is another front opened by the White House on the future of Show less Read more
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