RWE flushes $1.2bn to halt U.S. offshore wind projects
German power giant RWE has announced it will abandon its offshore wind leases on the U.S. coast after signing a $1.2 billion settlement with the Department of the Interior. The deal frees the company to redirect the cash to conventional gas and liquefied natural gas (LNG) projects, notably a $900 million LNG export terminal in Louisiana.
Interior Secretary Doug Burgum called the agreement a welcome step toward an energy system built on “common sense” rather than “costly subsidies”. RWE said it sees “no path forward” for its wind projects in the United States for the foreseeable future.
The settlement marks the latest in a series of Trump‑era cancellations, following a similar wind‑project wound‑up with TotalEnergies and a smaller agreement with Duke Energy. These moves echo President Trump’s long‑standing opposition to offshore wind, framed in the “drill, baby, drill” mantra that prioritized fossil fuels.
RWE’s exit frees up approximately €17 bn ($19.6 bn) that it plans to invest in U.S. energy generation over the next six years. The cash will be earmarked for expanded gas extraction and LNG export capacity, a shift that signals a broader shift in U.S. energy policy toward fossil fuels.
