World
RWE sells offshore wind farm contracts for nearly 1 billion euros
The German energy company RWE is abandoning its plans for offshore wind farms along the U.S. coast and will receive nearly 1 billion euros from the U.S. government.
RWE, the German energy company, has announced the sale of its contracts for the construction of offshore wind farms along the U.S. coast. This decision will result in a financial influx of approximately 1 billion euros from the government led by President Trump.
The planned wind farms were to be developed for the states of New York, California, and Louisiana. RWE's withdrawal from these projects marks a significant shift in the company's future plans.
The funds received will be used by RWE for investments in gas projects. This shift in focus from renewable energy to fossil fuels stems from the direction indicated by Trump in his energy policy.
During his election campaign, President Trump repeatedly stressed that the U.S. needs to increase its fossil fuel production. RWE's agreement aligns with this broader trend within American energy politics.