First up today is a report on $TTE (-2,48 %)
Donald Trump's crusade against wind power continues. According to reports, TotalEnergies will now receive a payment of one billion US dollars if the company withdraws from the expansion of new wind power projects in the USA. In return, the plan is to focus more on investments in oil and gas projects in future.
As a result, the share of renewable energies in the electricity mix in the USA is likely to remain very low by international standards. Wind and solar energy only account for around 17% of electricity generation there. In Germany, this share is already just under 60 percent. At EU level, around 71% of electricity comes from renewable sources such as wind, solar, hydropower and biomass.
TotalEnergies CEO Patrick Pouyanné explained the deal as follows: "TotalEnergies is pleased to sign these settlement agreements with the US Department of the Interior (DOI) and to support the government's energy policy. As the development of offshore wind projects is not in the national interest, we have decided to forego the development of offshore wind farms in the US in exchange for a refund of lease fees." Pouyanné added: "These agreements, under which we will reinvest the refunded lease fees in the construction of the 29 million-ton Rio Grande LNG facility and the further development of our oil and gas activities, will also allow us to support the development of US gas production and exports."
