UK's Crown Estate gets GBP 22.9m from offshore wind in past year

Offshore wind farm in UK. Author: Archangel12. License: Creative Commons. Attribution 2.0 Generic

June 28 (SeeNews) - The Crown Estate today unveiled record income return to UK Treasury for the year through March as it generated GBP 22.9 million (USD 30.7m/EUR 27.7m) from operational offshore wind farms, a rise of almost 20%.  

The company, which owns property on behalf of the Queen, including the seabed around the UK's coast, says it is benefiting from the UK's world leading postion in offshore wind. It signed more than 1.5 GW of leases in 2015 for four projects. These are expected to provide a combined revenue of GBP 6.8 million per year once they reach full capacity.  

Currently, there are 29 offshore wind farms in the UK, meeting around 5% of the country's electricity demand. Total operational offshore wind capacity stands at 5.1 GW.  

The sector is on course to meet around 10% of the UK's electricity needs by 2020, the company said.

It reported another record return of GBP 304.1 million for the public finances. Capital value increased 12.2% to GBP 12.9 billion, while property value added 9.7% to GBP 12 billion.

Offshore wind capital value grew by 26% to more than GBP 744 million.

(GBP 1.0 = USD 1.339/EUR 1.210) 

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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