Crown estate makes more than £1bn profit for third year running
Summary
The Crown Estate, which manages the land and property owned by King Charles, made over £1 billion in profit for the third year in a row. Most of this profit came from fees paid by offshore wind farm developers who lease parts of the seabed.Key Facts
- The Crown Estate reported £1.2 billion in profit for the last financial year, nearly three times more than three years ago.
- About two-thirds of this profit came from the offshore wind industry.
- Wind farm developers paid £875 million last year to secure seabed leases from the Crown Estate.
- The Crown Estate owns the ocean floor around England, Wales, and Northern Ireland.
- Once wind farms start producing electricity, developers must pay the Crown Estate 2% of the revenue from energy bills.
- The Crown Estate returned £487 million to the UK Treasury, with £132.1 million paid to King Charles to support royal duties.
- CEO Dan Labbad’s pay increased by nearly 20% to about £2.33 million last year.
- The Crown Estate expects profits to stabilize as more wind farms start production and pay lower lease fees.
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