Duke exits final offshore wind lease in Carolina Long Bay

Top StoryDuke exits final offshore wind lease in Carolina Long Bay

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Duke Energy has ended its offshore wind lease in the Carolina Long Bay Wind Energy Area, receiving $129 million from the Department of Interior as part of a settlement. The funds will be redirected to other energy generation projects, including nuclear and natural gas, as well as grid modernization efforts in the Carolinas. This decision follows Duke's 2025 announcement pausing the project due to cost concerns. TotalEnergies similarly exited its neighboring lease earlier this year.

The move leaves the Carolina Long Bay area without active offshore wind projects, highlighting economic and logistical barriers in the sector. Local opposition had also raised concerns about potential impacts on marine ecosystems and tourism. Duke's reallocation of resources signals a shift in its energy strategy toward more cost-competitive options.

Why it matters: The withdrawal underscores the financial and operational challenges of offshore wind, potentially deterring similar investments in the region. The reallocation of $129 million could reshape energy infrastructure priorities in the Carolinas and influence competitive dynamics in the regional energy market.