SummaryRWE will shift investment to gas projects, including Louisiana LNG and US gas power plantsDeal is Trump administration's fifth offshore wind lease cancellation agreement this yearRWE had stopped work on US offshore wind last year, citing Trump administration moves against industryGerman energy company RWE (RWEG.DE) said on Thursday that ‌it had reached a $1.22 billion agreement with the Trump administration to cancel three offshore wind leases in U.S. waters and to direct the funds to LNG and natural gas power plant projects. The arrangement is the fifth, and largest, the administration has entered into this year as part of its wide-ranging effort to stop development of U.S. ​offshore wind projects, which U.S. President Donald Trump regards as costly and ugly. RWE, one ​of the world's top offshore wind developers, stopped work on its U.S. projects last year due to the administration's efforts to thwart the industry, which ​included several orders to freeze multibillion-dollar projects under construction. RWE holds three offshore wind leases in U.S. waters off the coasts of New York, Louisiana and California. Not including the RWE agreement, the administration this year ​has agreed to ⁠return about $2.7 billion to offshore wind developers TotalEnergies (TTEF.PA), opens new tab, Ocean Winds, Invenergy and Duke Energy (DUK.N), opens new tab and cancel nine federal leases.