RWE says reached $1.22 bln deal to cancel US offshore wind leases and invest in gas

RWE says it has reached a $1.22 billion agreement with the Trump administration to cancel three offshore wind leases in U.S. waters and redirect the money into LNG and natural gas generation. The deal marks the fifth such arrangement the administration has announced this year amid efforts to halt offshore wind development. RWE said there is “no path forward” to permit the projects in the foreseeable future. The company will spend $900 million to buy a 16% stake in a Louisiana LNG project and sign a $300 million turbine order for 15 U.S. natural gas peaker plants. RWE did not name the LNG owner or turbine supplier.