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.
37 Articles
37 Articles
Another offshore wind developer exits California in $1.22-billion deal with Trump administration
German energy giant RWE said it will abandon wind leases off the coast of New York, Louisiana and Northern California near Humboldt, further challenging the Golden State's clean energy ambitions.
RWE terminates its offshore wind power projects in the USA. The Group receives compensation of more than 1.2 billion dollars for its withdrawal.
Trump Administration Inks $1.22 Billion Deal to Terminate Multiple Offshore Wind Projects
CALIFORNIA COAST, Calif. (KEYT) – On Thursday, RWE U.S. Offshore announced that it entered a deal with the Trump Administration to receive $1.22 billion to abandon three offshore wind energy projects. "RWE U.S. Offshore has reached a settlement with the U.S. Department of the Interior to resolve claims against the U.S. government and relinquish its The post Trump Administration Inks $1.22 Billion Deal to Terminate Multiple Offshore Wind Projects…
Coverage Details
Bias Distribution
- 56% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
