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4w ago

RWE Accepts $1.22 Billion to Return U.S. Offshore Wind Leases

The company says the projects lack permitting viability and will redirect the settlement money into U.S. gas investments, a shift that underlines policy barriers to offshore wind under President Trump.

Windkraftanlagen im Offshore-Windpark „South Fork Wind“ vor der Küste von Block Island, Rhode Island.
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Overview

  • RWE U.S. Offshore reached a settlement with the U.S. Department of the Interior this week to relinquish leases off New York, California and Louisiana in exchange for about $1.22 billion.
  • RWE says it had already spent more than $1 billion on planning and leases and concluded the projects have no permitting viability for the foreseeable future.
  • The company plans to redeploy roughly $900 million into a Louisiana LNG project and about $300 million to buy turbines for gas peaker plants, shifting capital from wind to gas.
  • The Interior called the deal welcome for affordability and reliability and the agreement is the largest of several 2026 settlements that have halted early-stage offshore wind development.
  • The move closes projects begun under earlier U.S. offshore-wind efforts and raises questions about near-term U.S. clean-energy targets, supply-chain needs and jobs tied to offshore wind development.