Trump administration pays German RWE $1.06 billion to halt US offshore wind projects

Published Aug 7, 08:41 AM UTC

The Trump administration has paid German energy giant RWE approximately $1.06 billion (€1 billion) in compensation to abandon its offshore wind power projects off the coasts of New York, California, and Louisiana. RWE, which had invested over $1 billion in planning, concluded the projects were unlikely to gain approval in the foreseeable future. The settlement, reached with the US Department of the Interior, involves RWE waiving claims and returning lease rights. Instead, RWE plans to invest millions in liquefied natural gas and other gas ventures in the US. President Trump, a vocal opponent of wind power who favors coal, has called wind energy a 'green scam.' Interior Secretary Doug Burgum welcomed the agreement, stating it supports affordable electricity and reliable baseload supply, and noted offshore wind's dependence on foreign supply chains.

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