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The administration announced a settlement with RWE to end U.S. offshore wind projects, yielding a nearly billion-dollar windfall for a neighbor of President Trump.

The administration announced a settlement with RWE, a German energy company, to relinquish its offshore wind leases in New York, California, and Louisiana. Under the agreement, the administration will pay RWE $1.2 billion to terminate the projects, with RWE required to invest the majority of the payout into conventional energy ventures, specifically a liquefied natural gas project in Louisiana. This deal provides a significant windfall for Michael Dorrell, an Australian billionaire and neighbor of President Trump, who owns the private equity venture Stonespeak. Stonespeak is purchasing the Louisiana project from RWE, with Dorrell having both monetary and physical ties to the president. While the administration maintains the settlement is above board, critics argue the deal reflects a potential conflict of interest. Democratic lawmakers, including Rep. Jared Huffman, have labeled the settlements as a 'ridiculous charade' and a 'waste of taxpayer funds.' Additionally, California Attorney General Bonta filed a lawsuit alleging the administration's buyout of Golden State Wind is unconstitutional and violates federal laws by bypassing the courts to force project abandonments through collusive settlements.

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