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Trump administration is ending more wind power projects by buying leases
AP News • • business
Key Points:
- RWE U.S. Offshore reached a $1.2 billion settlement with the Trump administration to relinquish offshore wind leases off New York, California, and Louisiana, adding to nearly $4 billion spent on similar lease buybacks.
- The leases could have generated about seven gigawatts of clean power for over 5 million homes, but RWE sees no path forward for permitting these projects under the current administration.
- The Trump administration is buying back offshore wind leases to discourage wind energy expansion in favor of fossil fuels, following legal setbacks to its efforts to block wind development through executive actions.
- RWE plans to invest $900 million in a liquefied natural gas project and $300 million in natural gas turbines, shifting focus to fossil fuel projects despite its previous offshore wind investments.
- Critics, including Sen. Sheldon Whitehouse, argue that these buybacks are costly to consumers and serve as a covert subsidy to fossil fuel interests, while states like California are preparing to sue over lost offshore wind opportunities.
