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Author Topic: US Government reaches USD 1.2 billion offshore wind exit deal with RWE  (Read 115 times)

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Offline rangerrebew

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US Government reaches USD 1.2 billion offshore wind exit deal with RWE
« on: Today at 08:08 am »
US Government reaches USD 1.2 billion offshore wind exit deal with RWE
California, Louisiana, New Jersey, New York | filed August 7, 2026
Credit:  August 7, 2026, by Adrijana Buljan | offshorewind.biz ~~
 

RWE and the US Department of the Interior (DOI) have reached a settlement agreement under which RWE will relinquish its offshore wind leases in the New York Bight and off the coasts of California and Louisiana in exchange for USD 1.22 billion (around EUR 1.06 billion) in settlement funds.

The agreement resolves RWE U.S. Offshore’s claims against the US government and brings an end to the company’s development plans associated with the three lease areas. RWE said it had invested more than USD 1 billion in acquiring the leases and developing the projects, but determined that “there is no path forward to permit these projects in the U.S. for the foreseeable future.”

RWE did not specify how the USD 1.22 billion settlement compares with the individual lease payments or development expenditure, but the amount is notable in the context of previous offshore wind lease termination agreements reached by the Trump administration, as it is the largest such settlement announced to date.

The first agreement of this kind was reached with TotalEnergies in March, when the company agreed to relinquish its New York Bight and Carolina Long Bay leases in return for USD 928 million in reimbursements. TotalEnergies committed to redirecting the funds to US oil and gas investments.

https://www.wind-watch.org/news/2026/08/07/us-government-reaches-usd-1-2-billion-offshore-wind-exit-deal-with-rwe/
« Last Edit: Today at 08:08 am by rangerrebew »
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Offline Hoodat

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Re: US Government reaches USD 1.2 billion offshore wind exit deal with RWE
« Reply #1 on: Today at 08:14 am »
Why is the US taxpayer on the hook for their failed business venture?
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Offline IsailedawayfromFR

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Re: US Government reaches USD 1.2 billion offshore wind exit deal with RWE
« Reply #2 on: Today at 09:01 am »
Quote from: Hoodat on Today at 08:14 am
Why is the US taxpayer on the hook for their failed business venture?
Taxpayers are responsible for the horrible contract lease agreements our government made with industry.

Blame them, not the companies.

I know it is overly frustrating to have incompetent or corrupt government officials giving away our money.

To pursue accountability of those poor decisions should be a high priority.
« Last Edit: Today at 09:03 am by IsailedawayfromFR »
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Offline Smokin Joe

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Re: US Government reaches USD 1.2 billion offshore wind exit deal with RWE
« Reply #3 on: Today at 09:13 am »
Quote from: Hoodat on Today at 08:14 am
Why is the US taxpayer on the hook for their failed business venture?

See where the money goes.
Who were the investors?
(Solyndra comes to mind.)
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