RWE Redirects $1.2B Wind Cancellation Payment Into LNG and Gas Turbines

The Trump administration paid RWE $1.2 billion to cancel offshore wind leases off California, Louisiana, and New York. RWE will spend $900 million on a stake in a Louisiana LNG export terminal and $300 million on gas turbines for 15 US peaking plants. The cancelled New York wind farm alone would have exceeded 3 GW. RWE concurrently bought 6.9 GW in a UK offshore wind auction.