Duke Energy will voluntarily terminate its Carolina Long Bay offshore wind lease following a settlement with the U.S. Department of the Interior.
The company originally acquired the lease in 2022 but paused development in 2025 due to rising costs and market conditions.
Under the agreement, Duke Energy will receive a $129 million reimbursement for the original lease value.
The company plans to reinvest these funds into new nuclear generation, natural gas, and grid enhancements.
These investments aim to ensure energy reliability and manage customer costs across the Carolinas.