King Charles wants to sell excess profits from offshore wind farms
The British King Charles III. (74) intends to pass on the excess profits from lease contracts for offshore wind farms to which the palace is entitled to the general public. This was announced by Buckingham Palace on Thursday.
King Charles III speaks while visiting a community center. Photo: Andrew Milligan/PA Wire/dpa
Earlier, the company known as Crown Estate, which manages the Crown’s real estate and land holdings of the same name, announced a deal for six offshore wind farms. They are to be built north of Wales and in the North Sea and will in future produce electricity for seven million households. The German energy companies RWE and EnBW are also involved.
Among other things, the Crown Estate also manages the rights of Great Britain to the seabed around the coast of the country, known as the continental shelf. Therefore, the conclusion of leasing contracts for the construction of offshore wind farms falls within the sphere of the company.
Although the Crown Estate is regarded as crown property, it is not privately owned by the British monarch. The proceeds from this go to the state. However, the amount of money provided for the maintenance of royal castles and estates and other official tasks, the Sovereign Grant, is directly linked to this revenue from the Crown Estate. It is currently 25 percent, with 10 percent earmarked for the extensive renovation of Buckingham Palace. The Sovereign Grant is currently £86.3 million (approximately CHF97.2 million). The reportedly £1billion wind farm deal would increase that amount significantly, but the king wants the money – believed to be many millions of pounds – to be passed on.
The Royal Treasurer (“Keeper of the Privy Purse”) has informed the Prime Minister and Finance Minister of “the King’s desire that these excess profits should benefit the common good rather than the Sovereign Grant,” according to the palace statement.