Trump administration will buy back company’s offshore wind leases off 3 states in a $1.2B deal
Summary
The Trump administration has made a $1.2 billion deal with the offshore wind company RWE U.S. Offshore to cancel wind energy projects off New York, California, and Louisiana. RWE agreed to give up its wind leases and invest in natural gas projects instead, as the administration works to limit offshore wind development while supporting fossil fuels.Key Facts
- RWE U.S. Offshore reached a $1.22 billion agreement to give up planned offshore wind projects near three U.S. states.
- The leases had involved years of planning and federal cooperation but had no clear path to approval.
- President Donald Trump has opposed wind power and aims to stop building new wind turbines.
- The administration has spent about $3.9 billion buying back offshore wind leases from energy companies.
- RWE will invest $900 million in liquefied natural gas and $300 million in gas turbines across the U.S.
- The administration prefers fossil fuels over wind because fossil fuels currently provide more reliable power.
- Some states, including California, plan to sue the government over canceled offshore wind projects.
- Critics argue that buybacks raise energy costs and favor fossil fuel interests over clean energy.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
