RWE reaches $1.22 billion deal to cancel US offshore wind leases and invest in gas

RWE, one of Europe’s largest energy companies, has struck a $1.22 billion deal to cancel its US offshore wind leases and redirect investment toward natural gas. The German utility is now the latest in a growing line of energy companies effectively being paid to walk away from renewable energy projects on American shores. The deal follows a pattern that’s becoming hard to ignore. The Trump administration has now orchestrated multiple lease buyouts totaling well over $2.5 billion, turning what was supposed to be a booming US offshore wind industry into something closer to a liquidation sale, except the government is the one writing the checks. The buyout pipeline keeps growing RWE’s deal didn’t happen in a vacuum. TotalEnergies kicked things off in March 2026 with a roughly $1 billion refund on its offshore wind leases, tied to commitments to invest in fossil fuel projects. Ocean Winds followed in late April with an approximately $885 million buyout covering two leases, also with fossil fuel investment strings attached. Then came Invenergy, which announced a $765 million buyout for four leases in June 2026. Add it all up and the federal government has spent more than $2.5 billion buy...