Crown Estate to pay Treasury greater than £400m after offshore wind enhance
T
he Crown Estate is to pay much more cash to the Treasury after benefiting from a large licensing spherical for offshore wind energy final yr.
The firm, which owns the seabed across the UK, stated it made £442.6 million in internet income revenue within the yr to the top of March, cash that may go to assist the general public funds.
The sum was practically £130 million greater than the yr earlier than, primarily as a result of charges that corporations pay to be allowed to construct wind farms off the coast.
Chief government Dan Labbad stated: “Our enhanced revenue from the Round 4 offshore wind leasing programme reflects the immense amount of groundbreaking work we have undertaken over the past two decades, working in partnership across many sectors, to create a world-leading offshore wind market.
“We are now focused on how we continue to maintain the UK’s position as a global leader, including supporting other technologies, the supply chain, skills and jobs, all of which are vital to a net zero and energy secure future.”
By working in partnership and remaining steadfast in our dedication to ship, we’re assured the Crown Estate can proceed to boost its contribution for the advantage of the nation, its funds and its future
In January, the Crown Estate signed new agreements for six offshore wind farms which is able to be capable of energy round seven million houses at their peak.
This will contribute round £1 billion per yr to the Crown Estate, and provides to the UK’s quickly rising offshore wind business.
There is presently round 10.8 gigawatts of offshore wind energy put in in Crown Estate waters, sufficient for round 11 million houses, and extra is being constructed on a regular basis.
Last yr the worth of the Crown Estate’s marine portfolio, which primarily consists of offshore wind farms, reached £5.7 billion, a rise of 14% from the yr earlier than.
It continues to be not fairly as precious as the corporate’s portfolio of London actual property, which decreased in worth by 6.5% to £7.2 billion throughout the yr. But wind energy is turning into an more and more massive a part of the corporate’s portfolio.
Mr Labbad added: “We are also laying the foundations for our long-term impact by seeking to address areas of national interest such as nature recovery, economic renewal and regeneration, the future of sustainable agriculture, and helping to secure London’s position as a world-class city.
“While we have set out an ambitious strategy, we are not complacent about the challenges ahead.
“By working in partnership and remaining steadfast in our commitment to deliver, we are confident the Crown Estate can continue to enhance its contribution for the benefit of the nation, its finances and its future.”