Trump administration will buy back company’s offshore wind leases off 3 states in a $1.2B deal
An offshore wind company said Thursday that it reached a $1.2 billion deal with the Trump administration to walk away from projects under development off New York, California and Louisiana. RWE U.S.…
RWE U.S. Offshore has entered into a $1.2 billion agreement with the Trump administration to surrender offshore wind leases off New York, California, and Louisiana. The company announced that it will relinquish the leases for $1.22 billion, effectively walking away from projects that required years of planning and investment. Despite President Trump's vocal opposition to wind power, the $1.2 billion deal aims to discourage wind energy expansion and promote fossil fuels instead.
RWE plans to invest $900 million in a liquefied natural gas project in Louisiana and spend $300 million on natural gas turbines. The company is also developing 15 natural gas peaking projects across the United States, adding to its total expenditure of approximately $3.9 billion on these agreements. Interior Secretary Doug Burgum defended the strategy, stating that Americans deserve an energy system built on common sense, not one reliant on costly subsidies or unproven technologies.
However, Senator Sheldon Whitehouse criticized the buybacks as bribes to companies to abandon clean energy projects in favor of fossil fuels, potentially raising consumer costs.
Written by urgent.news from Associated Press's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
