UK's Charles III Earns 730 Billion Won from Wind Power... "Expecting 13 Trillion Won Profit Over 10 Years"

The British royal family is reported to have earned over 730 billion Korean won in real estate income, thanks to site rental fees for operating offshore wind farms.

According to major foreign media on the 29th (local time), the British royal estate management company, Crown Estate, announced yesterday that royal real estate income increased from ?129 million (approximately 213.5 billion won) to ?442.6 million (approximately 732.5 billion won) in the last fiscal year.

Chalse 3rd wearing a crown.
Photo by Yonhap News

The approval for operating offshore wind farms installed on six sites owned by the royal family came into effect in January this year, causing a sharp increase in royal real estate income.

Although UK real estate values have recently declined due to economic recession and other factors, the government’s reliance on energy production through offshore wind power has led to rising land rental prices for these facilities.

The UK has relatively low sea levels compared to its strong winds, and has focused on developing a massive offshore wind industry over the past 20 years.

In 2021, electricity supplied by offshore wind farms accounted for about 11% of the UK’s total electricity supply. The UK government aims to increase offshore wind power capacity from the current 13GW to 50GW by 2030 through offshore wind farms. This includes the development of 5GW-scale floating offshore wind power.

The UK currently holds the world’s largest scale in two offshore wind power sectors. One is the Hornsea 2 offshore wind farm, the world’s largest single project, which began full operation of all wind turbines at the end of August 2022, with a capacity of 1.38GW.

Floating offshore wind power is also the largest in the world. In Scotland, UK, two commercial floating offshore wind sites are in operation: the world’s largest Kincardine (50MW) and the world’s first commercial site, Hywind Scotland (30MW), which are responsible for local power supply.

Meanwhile, the six sites where offshore wind farms are installed are expected to generate about ?8 billion (approximately 13 trillion won) in revenue for the British royal family over the next 10 years.

In January, King Charles III announced plans to increase the portion of the income from these sites that he donates to society.

Since his time as Prince of Wales, he has stated his intention to reduce support and privileges for other royal family members except for the heir to the throne, Prince William’s family. He has consistently emphasized reducing royal authority and returning royal assets to the state.

This content was produced with the assistance of AI translation services.