The Queen and the Treasury could receive an offshore windfarm windfall of up to £9bn over the next decade, after an auction of seabed plots attracted runaway bids from energy companies including the oil company BP. The crown estate’s first auction of its seabed licences in a decade will earn the Queen’s property manager £879m a year, for up to 10 years, and clear the way for six new offshore windfarms and enough clean electricity generation for more than 7m homes. Under current rules, the crown estate hands its profits to the Treasury before 25% is returned to the royal household in the form of the sovereign grant – a funding formula that is due to be reviewed next year.
Guardian 8th Feb 2021 read more »
A fresh wave of offshore wind farms off the coasts of England and Wales could be producing enough green electricity to power seven million homes by the end of the decade. Oil firms including BP and Total were among the winners of the first Crown Estate auction of seabed licenses in a decade, paving the way for up to six new offshore wind projects in British waters. The Crown Estate is a collection of lands and holdings in the UK belonging to the monarch, making it ‘the sovereign’s public estate’, which is neither Government property nor part of the monarch’s private estate. Collectively the new schemes could boost the UK’s offshore wind capacity by almost 8GW, propelling the Government towards its target of quadrupling the amount of offshore wind on the national grid to 40GW by 2030.
iNews 8th Feb 2021 read more »
Energy giant BP is entering UK offshore wind for the first time by linking up with a German company to build wind farms in the Irish Sea. BP’s first move into renewable power in its home nation comes after its pledge last year that it would become a “net zero” business by 2050. The development came as Amazon announced its largest yet offshore wind project, working with Shell on a 759 megawatt windfarm off the Netherlands.
Telegraph 8th Feb 2021 read more »
BP will pay more than £900 million for rights to build offshore wind farms after bidding the highest price in a Crown Estate auction that could deliver billions of pounds to the Treasury and the Queen. The oil major made its first move into UK offshore wind by bidding with EnBW, of Germany, to secure two seabed leases in the Irish Sea at prices that far surpassed industry expectations.
Times 9th Feb 2021 read more »