Germany's RWE settles for $1.22 billion, exits US offshore wind market

German utility RWE AG has reached a $1.22 billion settlement with the US Department of the Interior, under which it will relinquish its US offshore wind leases and exit the country's offshore wind sector. The agreement is part of a broader White House strategy that has led to the cancellation of billions of dollars in offshore wind lease commitments, typically in exchange for pledges to invest in fossil fuels and undertakings not to pursue future wind projects in the United States.