Trump Administration Will Buy Back Company's Offshore Wind Leases Off 3 States in a $1.2B Deal
RWE will redirect $1.22 billion toward fossil fuel projects after giving up offshore wind leases under the Trump administration’s buyback program.
- On Thursday, RWE agreed to surrender offshore wind leases off New York, California, and Louisiana in a $1.22 billion deal with the Trump administration, citing no viable path to permit the projects.
- President Donald Trump has targeted wind energy through lease buybacks to discourage expansion in favor of fossil fuels after federal courts thwarted his executive action attempts to block offshore development.
- RWE is reinvesting proceeds into fossil fuels, including $900 million for a Louisiana liquified natural gas project and $300 million on gas turbines, bringing total expenditures to roughly $3.9 billion.
- Sheldon Whitehouse, D-R, characterized the buybacks as a "corruption story" and a "scam," arguing the strategy effectively bribes companies to abandon clean energy and raises consumer costs.
- Interior Secretary Doug Burgum defended the agreement Thursday, stating Americans "deserve an energy system built on common sense" that strengthens the nation's energy security while keeping electricity affordable.
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Trump is keeps spending US tax dollars to kill offshore wind and boost oil and gas
This story was originally published by the Guardian and is reproduced here as part of the Climate Desk collaboration. The German energy company RWE has reached a $1.22 billion deal with the US government to relinquish its offshore wind leases and instead redirect funds towards fossil fuel investments. The agreement marks the fifth deal the Donald Trump administration has struck with energy […]
Sueddeutsche Zeitung
The US President is in a mood against wind energy. Now the energy giant RWE is moving away from wind power projects off the coasts of the USA – and gets a billion euros for this.
RWE abandons wind power projects in the USA and receives financial compensation from the Trump administration in return. The energy company had planned several offshore installations before the US coast.
Washington is taking a lot of money into the fight against the unloving wind power under US President Trump. Now the German energy company RWE is also abandoning its plans - against payment of 1.2 billion dollars.
The bill cancels three major ocean wind farms concessions off the coast of California, New York and Louisiana
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