RWE U.S. Offshore reached a $1.22 billion settlement with the Trump administration to walk away from offshore wind projects under development off New York, California and Louisiana. This latest agreement brings the total amount spent by the U.S. government to buy back offshore wind leases to nearly $4 billion, representing about seven gigawatts of capacity that could have powered more than five million homes. In exchange, RWE will invest $900 million in a liquefied natural gas project in Louisiana and $300 million in natural gas turbines, with the group developing fifteen gas projects across the country. Several states, including California, have announced plans to sue. Senator Sheldon Whitehouse described these buybacks as a money pump benefiting Trump’s big fossil fuel donors.
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