Crown Estate Posts £1.2 Billion Profit for Third Year as Offshore Wind Delivers £875 Million
Updated
Updated · The Guardian · Jun 26
Crown Estate Posts £1.2 Billion Profit for Third Year as Offshore Wind Delivers £875 Million
3 articles · Updated · The Guardian · Jun 26
Summary
£1.2 billion in operating profit kept the Crown Estate above the £1 billion mark for a third straight year, with offshore wind supplying roughly two-thirds of earnings.
£875 million in option fees from wind developers drove the result, reflecting strong demand for seabed leases auctioned since 2022 around England, Wales and Northern Ireland.
£487 million was returned to the Treasury, while King Charles received £132.1 million to fund official royal duties, up from £86.3 million a year earlier.
£198 million less wind income than the prior year already points to softer future profits, as projects entering construction shift to lower lease payments before later paying 2% of power revenues.
Dan Labbad said profits should normalize as more projects advance, though he argued even a Reform UK government ending renewable subsidies would not stop the sector's long-term growth.