King Charles wants to sell more profits from offshore wind farms
British King Charles III. (74) Wants to pass excess profits to the public from lease contracts for offshore wind farms owned by the palace. This was announced by Buckingham Palace on Thursday.
Published: 01/19/2023 15:43
King Charles III speaks during a visit to a community centre. Photo: Andrew Milligan/PA Wire/dpa
Earlier, a company called Crown Estates, which manages the Crown’s real estate and lands of the same name, announced the deal for six offshore wind farms. They will be built north of Wales and in the North Sea and will power seven million homes in the future. German energy companies RWE and EnBW are also involved.
Among other things, the Crown Estate also administers Great Britain’s rights in the sea around the country’s coast, known as the Continental Shelf. Therefore, the conclusion of lease agreements for the construction of offshore wind farms falls within the purview of the company.
Although the Crown Estate is considered Crown property, it does not belong to the British monarch. The revenue from this goes to the government. However, payments for the maintenance of royal palaces and gardens and other official functions, the Sovereign Grant, are directly linked to this revenue from the Crown Estate. It currently stands at 25 percent, with 10 percent earmarked for the extensive renovation of Buckingham Palace. The Sovereign Grant is currently £86.3 million (approx. CHF97.2 million). A £1billion wind farm deal is said to increase that amount significantly, but the king wants the money – believed to be several million pounds – to be channeled.
According to a palace statement, the Royal Treasurer (“Keeper of the Privy Purse”) communicates to the Prime Minister and the Finance Minister “the King’s desire that excess profits should benefit the public good.”
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