UPDATE 1-Duke Energy to terminate North Carolina offshore wind lease

Duke Energy Corporation

Duke Energy Corporation

DUK

0.00

Adds details about the deal and context about U.S. buying back offshore wind leases

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.


This page is machine-translated. Sahm tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation. *Disclaimer: The above content only represents the author's personal position and opinion and does not represent any position of Sahm Capital Financial Company and Sahm cannot confirm the authenticity, accuracy, and originality of the above content. Investors should consider the risks of investment products in light of their circumstances before making any investment decisions. When necessary, please consult a professional investment advisor. Sahm does not provide any investment advice, nor does it make any commitments and guarantees.