UK Royal Foundation Doubles Revenue from Offshore Wind Farm Lease
Charles III to Switch 'Bentley' to Biofuel Soon
The Crown Estate, the British royal family's property management foundation, has more than doubled its profits compared to the previous year thanks to offshore wind power.
King Charles III of the United Kingdom (left) and Queen Camilla / Photo by Yonhap News
View original imageAccording to major foreign media including the BBC on the 24th (local time), The Crown Estate reported a profit of ?1.1 billion (approximately 1.96 trillion KRW) in its financial report for the 2023-2024 fiscal year (April 2023 to March 2024). This amount is more than twice the previous year's ?442.6 million (approximately 790 billion KRW), marking the highest profit ever recorded.
The Crown Estate is owned by the British monarch and their successor. Currently, it is owned by King Charles III of the United Kingdom. In addition to real estate in central London areas such as Regent Street and St James's district, and Windsor Great Park surrounding Windsor Castle, it also owns the 'seabed' surrounding England, Wales, and Northern Ireland.
The record profits last year stemmed from the offshore wind farm leasing business. According to foreign media, offshore wind farms with a generation capacity of about 15GW are installed in British waters. Offshore wind power is a crucial part of the UK's goal to achieve carbon neutrality by 2030, accounting for 17% of the UK's power generation last year.
All profits generated by The Crown Estate go to the Treasury, and the royal family receives a portion as a grant. The grant rate was set at 25% for the 2023-2024 fiscal year and 12% for the 2024-2025 fiscal year. The total royal grant amount remained at ?86.3 million (approximately 154 billion KRW) for the third consecutive year.
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Meanwhile, addressing climate change remains one of King Charles III's ongoing interests. The royal family plans to convert two royal Bentley cars to biofuel in the next fiscal year and eventually replace them with electric vehicles. The two helicopters scheduled for replacement will also increase the use of sustainable aviation fuel.
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