RWE agrees $1.22-billion US offshore wind lease buyback

The Story in Brief

RWE US Offshore has agreed to surrender offshore wind leases in projects off New York, California and Louisiana for $1.22 billion, Hindustan Times reports. The deal takes the Trump administration’s spending on lease buybacks to nearly $4 billion. RWE said the projects, planned to generate about seven gigawatts for more than 5 million homes, had no foreseeable path to permits. The German company will instead invest $900 million in a Louisiana liquefied natural gas project and $300 million in natural gas turbines.

The administration has opposed offshore wind while promoting fossil fuels. States losing projects are suing, and California plans to file a case. Separately, a federal judge in Oregon ordered the Defence Department to restart security reviews for onshore wind farms.

The Indian Opinion

Supporters portray the payments as a practical route to reliable power, while critics call them a giveaway to fossil fuels. Both claims need a clear cost test. The leases could have supplied large volumes of clean electricity, but the government also says permitting and reliability concerns drove its policy. The key measure is what consumers ultimately pay for replacement power, and whether the promised gas investments deliver capacity without inflating bills or emissions.

Source: hindustantimes.com

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