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A dealer stands near the screens showing the foreign exchange rates at a dealing room of Hana Bank in Seoul, South Korea, Tuesday, Aug. 11, 2026. (AP Photo/Lee Jin-man)

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An offshore wind company says it's reached a $1.2 billion settlement with the Trump administration to walk away from projects under development off New York, California and Louisiana. This latest agreement brings the total amount spent on such settlements to nearly $4 billion. RWE U.S. Offshore says its leases represented years of planning, investment and partnership with federal agencies. But the company determined there was no path forward to permit the projects for the foreseeable future. President Donald Trump's administration has been buying back offshore wind leases as it seeks to discourage the expansion of wind energy in favor of fossil fuel development.

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A screen shows currency exchange rates on the floor of the New York Stock Exchange, Wednesday, Aug.. 5, 2026, in New York. (AP Photo/Yuki Iwamura)

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A dealer walks past near the screens showing the foreign exchange rates at a dealing room of Hana Bank in Seoul, South Korea, Monday, July 27, 2026. (AP Photo/Lee Jin-man)

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A dealer talks on the phone near the screens showing the foreign exchange rates at a dealing room of Hana Bank in Seoul, South Korea, Friday, July 24, 2026. (AP Photo/Lee Jin-man)