Duke Energy voluntarily terminated its Carolina Long Bay offshore wind lease through a settlement with the U.S. Department of the Interior. The company will receive a partial reimbursement for the canceled lease agreement.
Duke will reinvest nearly $129 million into power generation and grid enhancements across North and South Carolina. These funds will support the development of new nuclear and natural gas generation facilities.
The utility cited cost-effectiveness and reliability concerns as primary drivers for moving away from offshore wind. This decision reflects a broader cooling in the U.S. offshore wind sector amid shifting policies and economic pressures.