RWE is completely abandoning its offshore wind power project in France. This move comes shortly after EnBW’s loss-making withdrawal from British offshore projects, which triggered a €1.2 billion write-down. This once again highlights how quickly offshore wind energy calculations can change when returns, subsidies, and policy remain unstable. (faz: 04.02.26)
RWE withdraws from French offshore project
RWE confirms its complete withdrawal from French offshore activities. The company points out that the projects were “all still in an early stage.” Therefore, RWE is halting the project early, before supply chains, construction contracts, and financing enter a phase with high follow-up costs.
The company is reacting to an environment that many developers believe has deteriorated. France’s energy policy has changed several times recently, increasing the risk that permits, compensation, and timelines will no longer align with the original economic calculations.
Jobs to be cut – “fewer than 50 employees” affected
With the withdrawal, the work of the responsible offshore unit in France will cease. RWE stated: “The process was carried out in a socially responsible manner and in close consultation with the relevant employee representatives.” Nevertheless, the consequences are clear, as the positions will be eliminated as a result of the withdrawal.
RWE puts the number of employees in France at “fewer than 50.” While the move doesn’t affect a large workforce, it does impact specialized functions. At the same time, the company is signaling to partners that new offshore developments in France will no longer be a priority in the short term.
Centre Manche 2 as a turning point and political uncertainty as a cost driver
The change of course was already evident in the “Centre Manche 2” project. In September, RWE, together with Totalenergies, was awarded the contract for what was then the largest French offshore wind power project off the Normandy coast, but declined it. At the time, the company stated that there was “no final decision yet” regarding its offshore activities in France, but its withdrawal has since been confirmed.
RWE is not alone in this reassessment. Several players in the French market are questioning the reliability of the regulatory framework or are withdrawing altogether. Meanwhile, political instability is hitting offshore projects particularly hard because long development times require stable regulations. This increases financial pressure, as delays and changes to subsidy models directly impact returns.
EnBW in Great Britain: €1.2 Billion Write-Down as a Warning Signal
The costly withdrawal from offshore projects is demonstrated by EnBW in Great Britain. EnBW exited the British offshore wind farms Mona and Morgan, recording a write-down of €1.2 billion. According to reports, the trigger was the lack of government subsidies, as profitable operation was not feasible without guaranteed revenue.
This example underscores the mechanics behind such billion-euro risks. Preliminary investments are made long before the first kilowatt is generated. Furthermore, offshore projects are heavily dependent on subsidy and auction designs intended to provide predictable prices. As soon as this security is lacking, even technically sound projects quickly become balance sheet burdens.
RWE Continues to Focus on Offshore, but Shifts Priority
RWE emphasizes that offshore wind remains central to the company. A spokesperson stated: “Our goal of further expanding our offshore wind portfolio remains unchanged”—except in France. Instead, RWE points to Great Britain, where the company secured several projects in an auction.
At the same time, the group has implemented stricter investment controls since last year. RWE intends to reduce its investment program and invest around ten billion euros less by 2030 than originally planned. Therefore, new projects must deliver higher returns to pass the internal hurdle test. France is excluded from this prioritization, while other markets benefit.