US strikes $1.2B deal to pay German firm to halt offshore wind projects
Article URL: https://www.bbc.com/news/articles/c1e1vg0gjl5o Comments URL: https://news.ycombinator.com/item?id=49208314 Points: 741 # Comments: 709
American energy company RWE has announced it will abandon its offshore wind projects in the United States following a $1.2 billion payout deal with the Department of the Interior (DoI). The German firm will instead invest the funds into conventional gas projects, including a $900 million liquefied natural gas (LNG) export terminal project in Louisiana.
RWE cited the unfeasibility of obtaining permits for their US projects as the reason for their decision. President Donald Trump has long opposed wind power, frequently criticizing "ugly" turbines during his campaign and speeches. The German company will relinquish its leases off the coasts of California, Louisiana, and in the New York Bight.
Interior Secretary Doug Burgum expressed satisfaction with the agreement, stating that Americans deserve an energy system built on common sense, not one reliant on costly subsidies. This deal is part of a string of recent agreements the Trump administration has made to halt offshore wind projects, as the administration seeks to bolster support for fossil fuels amidst its pro-industry stance.
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