Trump administration offshore wind cancellations approach $4B, TechCrunch reports
A TechCrunch report says the Trump administration has paid $3.93 billion tied to 12 offshore wind leases developers abandoned, including a $1.2 billion settlement with RWE.
The key number: $3.93B across 12 leases
TechCrunch reports that the Trump administration has paid $3.93 billion for 12 offshore wind leases it has persuaded developers to abandon. The latest agreement is a $1.2 billion payment tied to canceling an offshore wind lease held by German utility RWE. For readers tracking energy policy, the headline takeaway is direct: public costs tied to offshore wind cancellations are now just under $4 billion.
What RWE planned — and where the money goes instead
According to TechCrunch, RWE said the canceled wind farms would have been built off the coasts of California, Louisiana, and New York. The New York project would have generated more than 3 gigawatts, according to Heatmap News as cited in the article. Instead, RWE will spend $900 million to buy a small stake in a Louisiana liquefied natural gas export terminal.
Natural gas becomes part of the replacement plan
The remaining $300 million will go toward buying natural gas turbines for 15 peaking power plants around the country, TechCrunch reports. The article notes that peaking power plants are among the most expensive and most polluting natural gas power plants to operate. It is unclear when those plants will be completed, with a backlog for new turbines stretching into the early 2030s.
RWE is not leaving offshore wind globally
RWE is not backing away from offshore wind investments elsewhere, according to TechCrunch. The company said it bought 6.9 gigawatts of capacity in the U.K.’s recent auction. That contrast makes the U.S. lease cancellations especially notable for readers watching how policy decisions shape where clean-energy developers keep investing.