US strikes $1.2bn deal to pay German firm to halt offshore wind projects
Summary
The BBC reports that German energy company RWE will abandon offshore wind projects in the US after a $1.2 billion payout to the Department of the Interior. RWE will reinvest the funds into conventional gas projects, including a LNG export terminal in Louisiana. The deal accompanies a policy shift under the Trump administration against offshore wind and toward fossil fuel investments, with leases relinquished off California, Louisiana, and the New York Bight.