economy
Trump administration to pay German firm $1.22bn to cut offshore wind leases
Agreement with RWE is fifth deal Trump team has made with energy companies, offering payouts to give up projects
TL;DR
- RWE receives $1.22 billion from the US government to relinquish offshore wind leases.
- The company will use the funds to invest in fossil fuel projects, including an LNG terminal and natural gas peaker plants.
- This is the fifth deal under the Trump administration to exchange payments for abandoning renewable energy projects.
- Critics argue these deals are a misuse of taxpayer money that benefits fossil fuel companies.
- Previous similar deals have faced legal challenges from states concerned about their legality.