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Reason
Reason
Jeff Luse

Trump Administration Will Pay $1.2 Billion To Cancel More Offshore Wind Projects, Calling It 'Common Sense'

Trump Administration RWE Donald Trump Joe Biden Doug Burgum Pentagon the Defense Department

President Donald Trump's least favorite energy source was dealt another blow on Thursday when German energy company RWE announced that it was backing out of three early-stage offshore wind projects in New York, Louisiana, and California.

In exchange for giving up the lease rights, RWE will receive a $1.2 billion reimbursement—about what the company paid for the three leases—from the federal government. The company plans to "invest about the same amount" in natural gas projects, reports The New York Times.

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