RWE takes $1.22B to scrap offshore wind leases, total buybacks hit $3.9B

Sen. Sheldon Whitehouse of Rhode Island called the buybacks a "scam." He said they effectively bribe companies to abandon clean energy, forcing consumers to pay higher costs while funneling money to fossil fuel donors. "They are creating this enormous money pump, pulling billions of dollars out of consumers' pockets," Whitehouse said. "That's the real story of what is going on here. And that is both a cost story because of the billions in extra costs consumers pay, and it's a corruption story because it's Trump's sneaky way of getting regular families to pay off his big fossil fuel donors."

The first such deal came in March, when TotalEnergies received nearly $1 billion to exit two leases and invest the money in fossil fuels. Golden State Wind and Bluepoint Wind followed in April, taking nearly $900 million combined. Chicago-based Invenergy ended four early-stage leases in June for $765 million.

States that are losing offshore wind projects are fighting back. California said it intends to sue.

Trump has repeatedly called wind power unreliable and said he will not allow "windmills" to be built. The buybacks carry no legal risk and let the government frame the payments as voluntary market transactions. RWE's decision closes years of planning and federal permitting work. The company had already invested in site assessments and community outreach. Now that effort is written off in exchange for cash that flows straight into gas infrastructure.