In the UK, the Crown Estate receives a portion of the revenues from activities generating wind and wave power. According to a representative for Buckingham Palace, this year’s unanticipated surplus from six new offshore wind farm lease agreements, worth $1 billion ($1.23 billion USD) annually for at least three years, would be used for the benefit of the general public.
According to The Guardian, the Actual Quantity of The Surplus Funds Is Unknown, but It May Be in The Millions.
The 2004 Parliament statute that grants the monarchy the authority to collect royalties on wind and wave energies is the foundation of the wind farm agreement. A temporarily enhanced 25% (normally 15%) of the independently managed Crown Estate’s income, some of which comes from the wind farm transaction, is used as the basis for public support for the Royal Family.
Profits from the Crown Estate are given to the Treasury, which bases public support for the Royal Family on a portion of those funds. The Sovereign Grant, which the government provides to the Royal Family, was valued at 86.3 million dollars ($106.53 million) as of the previous year.
Firms paying for the chance to erect wind farms on Crown Estate holdings are the source of the additional revenue from the six offshore wind farm leases. By the end of this decade, the new wind farms are anticipated to power more than 7 million homes, according to Reuters.
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According to Dan Labbad, CEO of The Crown Estate, “the UK’s offshore wind achievements to date are nothing short of spectacular, and this next generation of projects hint to an even more exciting and vibrant future.
” They show the enormous benefits to the country that our top-notch offshore wind industry can provide, including locally produced energy for all; jobs and investment for communities; tax revenue; clean energy for the environment; and a considerate, sustainable approach that respects our rich biodiversity.
A spokesperson for Buckingham Palace announced on behalf of King Charles that the surplus funds will not be collected for the Sovereign Grant and should instead be used for the public, as the cost of living crisis in the UK leaves many people struggling to pay for heat, food, and other necessities.
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The Treasury is reportedly evaluating the proportion of Crown Estate money that would decide public funds for the Royal Family, according to BBC. In 2017, the proportion increased from 15% to 25% to pay for repairs to Buckingham Palace. Every five years, the Royal Trustees review the Sovereign Grant. Within a few months, a decision on the percentage is anticipated.
