King Carlos III will return the extraordinary profits from wind farms

The king charles It has told the British government that it would like the expected increase in profits from offshore wind farm deals on Crown property to go to the “general public good” and not to royal family funds.

Under the deals announced Thursday, the Crown Estate will lease sites for six new offshore wind projects capable of generating enough green electricity to power more than seven million homes by 2030.

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A Buckingham Palace spokesman said the treasurer of the king charlesknown as the Keeper of the Private Purse, wrote to the Prime Minister and Finance Secretary “to share the King’s wish that this extraordinary profit be used for a wider public good, rather than Sovereign Grant.”

Under an agreement with the government, the royal family receives a “sovereign grant” that covers the running costs of the royal households and travel expenses. It is based on 15% of excess income from the Crown Estate, a portfolio of properties owned by the monarchy.

This portfolio includes practically all the seabeds of the United Kingdomsome of the most expensive land in London and urban shopping centers.

The distribution of wind farm windfall profits would be made by “appropriate reduction” of the proportion of the Crown Estate surplus that is financed by the Sovereign Grant.

The Sovereign Grant amounted to £86.3m ($107m) last year and the value of the property portfolio is expected to rise as offshore wind becomes a key driver of power production renewable in United Kingdom.

Carloswho became King in September following the death of his mother Queen Elizabeth, addressed the cost-of-living crisis facing many Britons in his first Christmas address to the nation.

Millions of people are struggling financially due to the rising cost of energy, food and mortgages, prompting workers in many sectors to go on strike.

Although polls show that more than 50% of the country has a positive opinion of the royal family, news showing that their income increased during an economic downturn could prove difficult.

Source: Elcomercio

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