Washington will pay German energy firm RWE $1.22 billion to cancel its offshore wind leases off the US coasts, as the company shifts its investments toward natural gas projects.
The Trump administration pays $1.2B to RWE to cancel offshore wind leases off CA, LA, & NY coasts; funds instead used for LA LNG terminal & natural gas turbines for 15 US peaking power plants.
German energy company RWE is abandoning its US offshore wind projects after agreeing to a $1.2bn payout deal with the US Department of the Interior, shifting investments toward conventional gas and LNG projects instead.
RWE exits US offshore wind market, accepting $1.2bn from Trump's DoI to redirect $900m into an LNG terminal in Louisiana, aligning with the administration's fossil fuel push.
RWE U.S. Offshore has agreed to a $1.2 billion settlement with the Trump administration to relinquish its U.S. offshore wind leases, abandoning projects off New York, California, and Louisiana while pivoting investments toward natural gas.
The US will pay $1.22 billion to RWE to relinquish its offshore wind leases off the coasts of New York, California, and Louisiana, with RWE investing in US natural gas projects instead.
Offshore wind farms, crucial for renewable energy, may impact marine ecosystems, particularly harbour porpoises. Studies show mixed findings on porpoise activity around these sites, with ongoing research to understand the reasons.
The Trump administration will pay Duke Energy $129 million to abandon an offshore wind farm in North Carolina's Carolina Long Bay, aligning with the president's stance against wind energy. Critics argue this policy hinders climate goals and job creation, while the administration emphasizes affordable, reliable American energy.
Iljin Electric announced it has supplied an oil-immersed transformer for a 10MW offshore wind turbine developed by a domestic company. The company plans to enter the offshore wind turbine transformer market in 2027 based on demonstration data.
The Crown Estate's annual profit to the Treasury fell by over half to £487m from £1.1bn, primarily due to reduced income from offshore wind option fees. Despite this, its net asset value grew to £16.7bn, and real estate profits increased.
King Charles's property management company, the Crown Estate, reported £1.2bn in profit for the last financial year, with two-thirds coming from offshore windfarms. This marks the third consecutive year of over £1bn in profit, significantly boosting funding for the monarchy and the UK Treasury.
California announced its intention to sue the Trump administration over a deal to end the Golden State Wind offshore project. State officials argue the administration's buyback of leases, reimbursing companies to invest in fossil fuels, undermines clean energy goals and illegally reallocates taxpayer dollars.
Private companies have pledged over £100bn in investment for the UK's green economy, primarily in offshore wind, solar, and electricity grids. Energy Secretary Ed Miliband hailed this as a boost for jobs and growth, countering claims that net zero policies harm the economy.
The Trump administration is spending nearly $2.6 billion to buy back offshore wind leases, including $765 million for Invenergy's four projects. This strategy aims to hinder offshore wind development, which Trump opposes, while promoting fossil fuel projects.
UK and Japan have agreed a multi-billion pound investment deal, with Japanese firms pledging over £9bn for UK infrastructure and financial services, and up to £9bn for offshore wind projects, creating tens of thousands of jobs. Prime Minister Sir Keir Starmer hailed it as a "new era of co-operation".
France has launched tender AO10 for offshore wind projects, aiming for 10 GW capacity (5 GW fixed, 5 GW floating) by 2050. The tender targets an average electricity price of €100/MWh, incorporating EU Net Zero Industry Act criteria for industrial resilience.
Siemens Energy warns of potential capacity reductions in its European offshore wind turbine manufacturing if governments do not accelerate the expansion of offshore wind power. The company fears a lack of follow-up orders could lead to resource scaling down by 2028.
Energy companies like Total Energies, Jera Nex BP, and EnBW employ teams to analyze weather data and wind directions to optimize offshore wind farm alignment. "Wake effects" between turbines reduce energy yield, especially for those in the middle of a park. Holger Grubel of EnBW highlights the relevance of these "shading effects" for existing and planned parks.
New York's Attorney General, joined by five other states, is suing the Trump administration over a $1 billion deal with TotalEnergies to terminate an offshore wind project. The states argue the deal, which requires the French company to invest in fossil fuels instead, harms their economies and climate goals.
New York's Attorney General, joined by five other states, is suing the Trump administration over a $1 billion deal with TotalEnergies to terminate offshore wind leases. States argue the deal harms economies, climate goals, and union jobs.
Six states, led by New York Attorney General Letitia James, have sued the Trump administration over its decision to cancel a major offshore wind lease off the coast of New York. The lawsuit alleges the deal, which involved paying nearly $1bn to TotalEnergies to abandon wind projects, is unlawful.
Six states, led by New York Attorney General Letitia James, have sued the Trump administration over its decision to cancel an offshore wind lease. The lawsuit alleges the deal, which paid TotalEnergies nearly $1bn to abandon wind projects, is unlawful and violates federal acts.
BP invested billions in offshore wind energy rights in 2023, a move that surprised many. Initially downplayed by the company, the situation has since become more somber, with the energy giant facing a challenging outlook in renewable energy.
German Environment Minister Carsten Schneider is demanding clarity from companies like TotalEnergies and BP regarding their commitment to offshore wind projects. He warned of contractual penalties if they withdraw, while expressing optimism that other providers would step in.
