New leases to significantly expand UK offshore wind

UK's Crown Estate says six new offshore wind projects will generate electricity for more than seven million homes

The UK’s Crown Estate says these six new offshore wind projects will generate electricity for more than seven million homes.

The UK on Thursday announced leases for six new offshore wind projects aimed at cementing the country as one of the world’s leading renewable energy producers in the offshore sector.

Six new sites—three off the coasts of North Wales, Cumbria and Lancashire, and three in the North Sea off Yorkshire and Lincolnshire—will be able to power more than seven million homes by 2030.

They will generate eight gigawatts (GW) renewable electricity.

The UK now boasts almost 14GW installed wind capacity across dozens of offshore sites, according to industry body RenewableUK. That puts it second globally after China, which generates 66GW.

The UK government is aiming for 50GW by the end of the decade, as the country strives to meet internationally agreed climate change targets.

The Crown Estate, an independently managed portfolio of land, property and other assets belonging to the monarchy, has reached agreements as part of a fourth round of offshore wind power rental agreements. offshore, first started in 2001.

The Estate, which owns and manages most of the seabed around the UK and grants mining rights to the resource, says it has now signed offshore wind agreements totaling 41GW.

Gus Jaspert, of the Estate, hailed the latest deals as “an important milestone… proving to the world that the UK is Seabreeze industry is growing at a rapid pace to help meet the climate challenge”.

Under the terms of the lease, which lasts at least three years before contractors finally move to pay rent, the projects will generate around £1 billion ($1.24 billion) annually, according to the report. Estate.

Its gross net income is given to the UK government under a centuries-old arrangement, but the ruling monarch sees a portion of that returned through the Sovereign Grant.

It is set to be equivalent to 15 percent of the Crown Estate’s profits, and is used to fund the Royal Family.

However, it is temporarily increased to 25% to cover the extensive renovation work at Buckingham Palace and will total £86.3 million in 2021-22.

Separately, Buckingham Palace said on Thursday King Charles III had asked that profits from the new wind farms be used for the “broader public good” rather than boost funding for the account. aid.

The keeper of the secret wallet, Michael Stevens, the monarch’s financial manager, has contacted Chancellor Rishi Sunak and finance minister Jeremy Hunt to request an “appropriate reduction”, the palace added.

© 2023 AFP

quote: New leases to significantly expand UK offshore wind (2023, 19 January) accessed 20 January 2023 from 01-lease-respectly-uk-offshore-power.html

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