RWE has ceased its US offshore wind operations, citing US regulatory uncertainty under the administration of Donald Trump.
RWE CEO Marcus Krebber (picutred) said the German-developer has stopped offshore activities “for the time being” in a transcript of a speech set to be delivered to shareholders at the company’s Annual General Meeting in Essen on 30 April.
“We remain cautious given the political developments,” Krebber said in the transcript.
RWE has also introduced higher requirements for future investments in the US for its remaining onshore, solar, and battery storage business.
He said: “All necessary federal permits must be in place. Tax credits must be safe harboured and all relevant tariff risks mitigated.
“In addition, onshore wind and solar projects must have secured offtake at the time of the investment decision.
“Only if these conditions are met will further investments be possible, given the political environment.”
RWE’s Community Offshore Wind, a joint venture with National Grid, had submitted a bid to the New York State Energy Research and Development Authority’s fifth offshore wind solicitation for a project with a capacity of as much as 3GW.