RWE Trades Offshore Wind Leases for Billion-Dollar Gas Investments

RWE has reached an agreement with the US Department of the Interior to relinquish its offshore wind leases off the coasts of New York, California, and Louisiana. The German energy company will receive $1.2 billion in compensation for returning these leases.

The move comes as RWE continues to shift its focus towards other renewable energy sources and gas-based power generation. In a separate announcement, RWE revealed plans to invest $1.2 billion in liquefied natural gas (LNG) and gas turbine capacity reservations.