11:49 AM EDT, 10/22/2025 (MT Newswires) -- Germany has denied a TotalEnergies (TTE) request to improve the financial terms of the country's expensive offshore wind projects, Bloomberg News reported Wednesday, citing people familiar with the matter.

In 2023, TotalEnergies agreed to pay 5.8 billion euros ($6.7 billion) for the rights to build wind farms in the North Sea and Baltic Sea, producing 3 gigawatts of power. The French energy major now believes it overpaid during a market peak and has since secured cheaper leases elsewhere. It has also warned of potential losses due to grid delays and lower-than-expected wind output, the report said.

Chief Executive Patrick Pouyanne wrote to Germany's Economy Minister, Katherina Reiche, requesting financial relief but the government declined, according to the report. Officials were concerned that making an exception could lead other developers to request similar treatment, the report said.

The company hasn't started building the Baltic and North Sea projects yet and has until Dec. 21 to submit its plans. A spokesperson told Bloomberg said TotalEnergies will now focus on cheaper projects.

TotalEnergies and Germany's Federal Ministry for Economic Affairs and Energy didn't immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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