Interior Department's RWE settlement redirects $1.2B from offshore wind to LNG and gas peakers

The Interior Department settled with RWE for $1.22 billion, cancelling its US offshore wind leases off New York, California, and Louisiana. RWE will invest $900 million in a 16% stake in a Louisiana LNG project run by Woodside Energy, and $300 million in 15 natural gas peaker plants — facilities that ramp up quickly during peak demand. This is the fifth such deal, bringing total public spending on cancelling renewable projects to roughly $4 billion.