King Charles III, royal estate profits double thanks to offshore wind power

LONDON - King Charles III, the ante litteram ecologist who when he was Prince of Wales was criticised and mocked for his love of nature, has had his sweet revenge. The profits of the Crown Estate, the royal estates, have more than doubled in the last year to over a billion pounds, thanks mainly to income from the offshore wind farm.

As many as 36 offshore wind farms are operating on Crown-owned marine territories, together generating 11.8GW, enough to supply electricity to 11 million homes. And this is just the first phase: by 2030, the wind farms are expected to generate 30GW of 'clean' energy. The Crown Estate has also invested £1.4 million in the Morlais project, which aims to harness tides to generate power.

Profits of £1.1 billion represent a 148 per cent increase from the previous year's £648 million. "These extraordinary results are the product of years of commitment and investment to create Britain's offshore wind energy sector," said Dan Labbad, chief executive of the Crown Estate.

The Crown Estate, which has a valuation of £15.5 billion, controls not only much land but also the seabed up to 12 miles off the English and Welsh coast. Profits were made from the sale of options and leases on offshore wind projects. The wind energy sector has been a great success: it now provides 17% of the energy generated nationally, while globally Britain is second only to China.

The new Labour government, elected this month, changed the rules by allowing the Crown Estate for the first time to go into debt to invest. King Charles obviously does not manage his land and estates himself, but his views have been influential in the choices made.