Duke Energy has signed a $129 million settlement with the federal government to exit its offshore wind lease in the Carolina Long Bay area. Instead of building turbines at sea, the company will invest the funds in traditional and next-generation power sources on land.

Reinvestment in Power Grid

The $129 million will be used to build out new generating capacity and reinforce the existing electrical grid to prevent outages and keep up with regional population growth. This move is seen as a pivot towards the White House’s broader energy policy, with a focus on national security concerns and predictable power costs.

According to the Department of the Interior, the cash will be redeployed into projects that meet immediate domestic energy demands. Duke Energy plans to use the capital to advance new nuclear and natural gas generation, as well as grid enhancements to strengthen reliability and support continued growth in the Carolinas.

Original reporting: Tampa Free Press — read the source article.