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The US and Germany's RWE company reached a $1.2 billion agreement to halt an offshore wind power project, redirecting investment towards natural gas.
The U.S. Department of the Interior has reached an agreement with German energy company RWE to pay RWE $1.2 billion to terminate its offshore wind power projects in the United States. RWE stated that it would reinvest these funds into traditional natural gas projects, including a liquefied natural gas (LNG) export terminal project in Louisiana. This move is the latest in the Donald Trump administration's efforts to halt offshore wind projects and pivot towards fossil fuels. Previously, the Donald Trump administration had reached similar agreements with France's TotalEnergies and Duke Energy to terminate their offshore wind projects in the U.S. and redirect investments towards LNG plants and upstream conventional oil development.
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