{"id":63965,"date":"2026-06-29T19:38:22","date_gmt":"2026-06-29T23:38:22","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/trump-administration-accelerates-offshore-wind-exit-with-129-million-duke-energy-settlement\/63965\/"},"modified":"2026-06-29T19:38:22","modified_gmt":"2026-06-29T23:38:22","slug":"trump-administration-accelerates-offshore-wind-exit-with-129-million-duke-energy-settlement","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/trump-administration-accelerates-offshore-wind-exit-with-129-million-duke-energy-settlement\/63965\/","title":{"rendered":"Trump Administration Accelerates Offshore Wind Exit with $129 Million Duke Energy Settlement"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>The Trump administration has reached a $129 million settlement with Duke Energy (<a href=\"\/stock\/DUK\">DUK<\/a>)<\/strong> to cancel its offshore wind lease in North Carolina, bringing total federal wind exit spending to over <strong>$2.5 billion<\/strong>.<\/li>\n<li><strong>Amazon Australia (<a href=\"\/stock\/AMZN\">AMZN<\/a>) is facing Federal Court proceedings<\/strong> initiated by the ACCC over allegations of unfair contract terms used to introduce advertising on Prime Video.<\/li>\n<li><strong>The FDA has approved Arcutis Biotherapeutics&#39; (<a href=\"\/stock\/ARQT\">ARQT<\/a>) Zoryve cream<\/strong> for plaque psoriasis in children as young as age 2, marking the first non-steroidal PDE4 inhibitor for this age group.<\/li>\n<li><strong>Morgan Stanley (<a href=\"\/stock\/MS\">MS<\/a>) slashed its Q3 Brent crude forecast to $75\/bbl<\/strong>, citing a faster-than-expected return of supply through the <strong>Strait of Hormuz<\/strong> following a U.S.-Iran de-escalation.<\/li>\n<li><strong>UK business confidence fell to 44 in June<\/strong>, missing estimates as manufacturing sentiment collapsed by 10 points amid persistent cost pressures.<\/li>\n<\/ul>\n<h2>U.S. Energy Policy Shifts Toward Nuclear and Gas<\/h2>\n<p>The <strong>Trump administration<\/strong> has finalized a landmark agreement to pay Duke Energy (<a href=\"\/stock\/DUK\">DUK<\/a>) <strong>$129 million<\/strong> to voluntarily terminate its offshore wind lease in the <strong>Carolina Long Bay<\/strong> area. This settlement marks the fourth major deal in a broader federal strategy to dismantle the offshore wind pipeline established under the previous administration. Officials confirmed that the government has now committed over <strong>$2.5 billion<\/strong> to exit these agreements, with the capital being redirected toward <strong>nuclear and natural gas<\/strong> projects to ensure grid reliability.<\/p>\n<p>Interior Secretary <strong>Doug Burgum<\/strong> stated that the move addresses &quot;national security concerns&quot; and aligns with the administration&#39;s <strong>Energy Dominance Agenda<\/strong>. Duke Energy (<a href=\"\/stock\/DUK\">DUK<\/a>) plans to reinvest the funds into generating capacity across the Carolinas, specifically targeting advanced nuclear technologies and gas-fired plants. This shift follows similar buyouts with <strong>Invenergy<\/strong> and <strong>TotalEnergies<\/strong>, as the administration pivots away from what it describes as &quot;costly, unreliable&quot; renewable subsidies.<\/p>\n<h2>Amazon Faces Regulatory Heat in Australia<\/h2>\n<p>The <strong>Australian Competition and Consumer Commission (ACCC)<\/strong> has commenced legal action against Amazon Commercial Services Pty Ltd (<a href=\"\/stock\/AMZN\">AMZN<\/a>), alleging the retail giant used <strong>unfair contract terms<\/strong> to force ads onto Prime Video subscribers. The regulator claims that between 2023 and 2025, Amazon (<a href=\"\/stock\/AMZN\">AMZN<\/a>) unilaterally changed its service terms, requiring users to pay an additional <strong>$2.99 per month<\/strong> to maintain an ad-free experience.<\/p>\n<p>The ACCC alleges that more than <strong>one million annual subscribers<\/strong> were affected by these terms, which provided no option for pro-rata refunds. Amazon (<a href=\"\/stock\/AMZN\">AMZN<\/a>) has stated it is reviewing the case in detail and maintains that it has cooperated with the investigation. This case is being closely watched as a major test of Australia&#39;s new penalty regime for unfair consumer contracts.<\/p>\n<h2>Pharmaceutical and Financial Market Developments<\/h2>\n<p>In the healthcare sector, Arcutis Biotherapeutics (<a href=\"\/stock\/ARQT\">ARQT<\/a>) received <strong>FDA approval<\/strong> for its <strong>Zoryve (roflumilast) cream 0.3%<\/strong> to treat plaque psoriasis in children aged 2 to 5. The approval expands the drug&#39;s existing indication and offers a <strong>steroid-free<\/strong> alternative for a vulnerable patient population. Analysts view this as a significant commercial milestone for Arcutis (<a href=\"\/stock\/ARQT\">ARQT<\/a>), as it remains the only topical PDE4 inhibitor approved for this specific age group.<\/p>\n<p>On the M&amp;A front, BMO Financial Group (<a href=\"\/stock\/BMO\">BMO<\/a>) announced a definitive agreement to acquire the capital markets business of <strong>Euroz Hartleys Group<\/strong> for approximately <strong>$145 million<\/strong>. The acquisition is designed to bolster BMO&#39;s leadership in the <strong>global metals and mining<\/strong> sector by integrating one of Australia&#39;s premier equity distribution platforms. The deal is expected to close in the fourth quarter of 2026, pending shareholder and regulatory approvals.<\/p>\n<h2>Global Economic Indicators and Oil Volatility<\/h2>\n<p>Economic data from the <strong>United Kingdom<\/strong> presented a mixed picture as <strong>BRC Shop Price Index<\/strong> inflation held steady at <strong>1.2%<\/strong> in June, slightly below the 1.3% estimate. While food inflation eased to its lowest level since 2025, the <strong>Lloyds Business Barometer<\/strong> fell to <strong>44<\/strong>, indicating a sharp decline in business morale. The manufacturing sector was particularly hard hit, with confidence dropping <strong>10 points<\/strong> due to global uncertainty and rising National Insurance costs.<\/p>\n<p>In commodities, Morgan Stanley (<a href=\"\/stock\/MS\">MS<\/a>) significantly revised its oil price outlook, cutting its <strong>Q3 Dated Brent forecast by $15 to $75\/bbl<\/strong>. The downgrade reflects expectations of a rapid supply recovery as the <strong>Strait of Hormuz<\/strong> reopens following diplomatic breakthroughs. The bank predicts that 50% of disrupted production could return by September, potentially flipping the market from a deficit into a surplus by year-end.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways The Trump administration has reached a $129 million settlement with Duke Energy (DUK) to cancel its offshore wind 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