RWE exits U.S. offshore wind via $1.2 billion settlement

German energy giant RWE has reached a $1.2 billion agreement with the U.S. Department of the Interior to terminate its offshore wind projects in the United States. As part of the settlement, RWE will relinquish its leases in the waters off New York, California, and Louisiana.

The company is reallocating its resources toward fossil fuel infrastructure, including a $900 million investment in a liquefied natural gas (LNG) export facility in Louisiana. RWE stated the decision was made to serve shareholder interests and focus on projects that can be realistically realized given the current American political climate, noting they saw