Her Majesty the Queen stands to earn £100m a year from the auction of rights to harness the wave and wind power from the seas around the UK, The Guardian newspaper claims.
The newspaper makes the
projection as The Crown Estate embarks on the world’s biggest offshore wind
auction in a decade comprising five zones around the UK. The Crown Estate, which manages
the monarch’s property portfolio, holds exclusive rights to lease the seabed
around the UK.
The Estate returns 25% of its income back to the Queen by way of the Sovereign
The Guardian says that offshore wind will be the UK’s fastest growing source of electricity in the future and says that, although The Crown Estate does not make its forecasts public, its own calculations suggest that the Queen could receive more than £100m a year under this system if the government’s 2030 climate and energy target is met.
The report quotes experts
who query the opaque way in which the auction will be conducted, as well as the
fact that income from these rights is not all returned to the public purse.
From a property point of view it underlines the strength of The Crown Estate as
a property investor, as well as giving an indication of the future massive
potential of real estate used in connection with renewable energy.