By Forrest Crellin PARIS, April 21 (Reuters) - French utility Engie is in talks with the Trump administration about a possible refund for its offshore wind project leases amid the president's
France's Engie discussing refund for US offshore wind projects with Trump administration
Engie's Offshore Wind Projects and Negotiations with the Trump Administration
By Forrest Crellin
Background on Engie's U.S. Offshore Wind Projects
PARIS, April 21 (Reuters) - French utility Engie is in talks with the Trump administration about a possible refund for its U.S. offshore wind project leases amid the president's opposition to the technology, CEO Catherine MacGregor said on Tuesday.
Project Pauses and Financial Impacts
Engie has paused three offshore wind projects in development and booked impairments for its joint venture Ocean Winds since Trump returned to the White House last year.
Potential Outcomes of Negotiations
"We'll see about these terms, an agreement is possible depending on the discussions," MacGregor said at a press breakfast.
Industry Response and Shifts in Investment
French oil major TotalEnergies has already redirected nearly $1 billion (850 million euros) from offshore wind leases to U.S. oil and natural gas production.
Trump Administration's Stance on Wind Energy
Trump has said he finds wind turbines ugly, costly and inefficient, and his administration has moved to increase domestic fossil fuel production.
Future Prospects for Offshore Wind in the U.S.
"Economically and also in terms of public acceptance, I strongly believe in offshore wind power. Of course, you have to plan the projects well, you have to involve the fishermen," MacGregor said.
Challenges Facing Offshore Wind Development
However, she added that developing offshore wind power in the United States would remain a challenge as there are no clear policy guidelines.
"New offshore wind projects are going to be complicated regardless of the administration," MacGregor said.
Additional Information
(1 euro = $1.1759)
(Reporting by Forrest Crellin. Editing by Mark Potter, Kirsten Donovan)
