Trump administration has spent nearly $4B to cancel offshore wind farms
The Trump administration has now convinced developers to abandon 12 offshore wind leases. The latest will cost taxpayers $1.2 billion.
The Trump administration has allocated nearly $4 billion to abandon offshore wind farm projects, with the bulk of the funds directed towards German utility RWE. The energy company, which had planned to build wind farms off the coasts of California, Louisiana, and New York, will instead invest $900 million in a Louisiana liquid natural gas export terminal and $300 million to purchase natural gas turbines for 15 peaking power plants.
These peaking power plants, known for their high operating costs and pollution levels, are projected to be completed in the early 2030s, due to turbine supply shortages. Despite its decision to abandon these projects, RWE has continued its offshore wind investments in the UK, securing 6.9 gigawatts of capacity in the country's latest auction.
The administration's total expenditure for the 12 leases it has compelled developers to forfeit amounts to $3.93 billion.
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