Trump pays yet another energy company to give up offshore wind rights
The Trump administration is paying yet another company more than $1 billion to give up the rights to produce wind off the U.S. coast, the firm announced on Thursday. RWE U.S. Offshore, a subsidiary of Germany energy company RWE, issued a press release saying that it will receive $1.22 billion in settlement funds and give up its...
The Trump administration has paid RWE U.S. Offshore $1.22 billion to give up its rights to produce wind power off the U.S. coast. According to RWE U.S. Offshore, a subsidiary of the German energy company RWE, the company will relinquish its wind power leases as part of the deal.
The leases represented years of planning, investment, and partnership with federal agencies, but RWE determined there was no path forward to permit the projects for the foreseeable future. The company's decision to walk away from the projects was for leases under development off New York, California, and Louisiana.
RWE has announced plans to invest in fossil fuel projects, including a $900 million liquified natural gas project in Louisiana and $300 million on natural gas turbines. The company is also developing 15 natural gas peaking projects across the United States. This deal brings the total amount spent by the administration on similar agreements to roughly $3.9 billion, according to the Associated Press.
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