German energy company RWE said on Thursday that it had reached a $1.22 billion agreement with the Trump administration to cancel three offshore wind leases in U…
German energy company RWE said on Thursday that it had reached a $1.22 billion agreement with the Trump administration to cancel three offshore wind leases in U.S. waters and to direct the funds to LNG and natural gas power plant projects.
The arrangement is the fifth, and largest, the administration has entered into this year as part of its wide-ranging effort to stop development of U.S. offshore wind projects, which U.S. President Donald Trump regards as costly and ugly. His administration has sought to increase domestic fossil fuel production and scrapped policies that support clean energy development.
"Americans deserve an energy system built on common sense, not one dependent on costly subsidies or technologies that can't meet our country’s current demand," Interior Secretary Doug Burgum said in a statement welcoming RWE's agreement.
RWE, one of the world's top offshore wind developers, stopped work on its U.S. projects last year due to the administration's efforts to thwart the industry, which included several orders to freeze multibillion-dollar projects under construction.
RWE holds three offshore wind leases in U.S. waters off the coasts of New York, Louisiana and California. Projects associated with the leases had been in very early stages of development and would
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