Private equity bribed Trump $1M, then got $900M for a methane terminal

The Interior Department has canceled several offshore wind farms that a German company, RWE, had planned to build off the US coast, paying RWE $1.22 billion to walk away. Of that money, $900 million is now going toward buying a stake in a methane gas terminal in Louisiana, and $300 million will fund gas-burning turbines for data centers. Reporting shows the $900 million payout largely benefits Stonepeak, a private equity firm run by Michael Dorrell, who owns property near Mar-a-Lago and reportedly paid $1 million to attend a Trump inauguration event in order to get access to him.

This is part of a broader pattern: Interior has spent roughly $4 billion of public money canceling wind projects, spending critics say is illegal because it comes from a fund not meant for this purpose and because the government isn't allowed to cancel offshore energy projects this way. The practical effect for homeowners is that instead of adding wind power to the grid, this money is funding more gas infrastructure — which tends to push electricity prices up and reduces the overall energy supply.

Several states have already sued over these wind-project cancellations, and more legal challenges are expected. Members of Congress have also said they intend to try to block similar deals going forward. None of this changes any rebate or upgrade program directly, but it's a sign that offshore wind's contribution to the electric grid, and possibly future electricity costs, may be affected by ongoing legal and political fights.