Crown Estate reaps more offshore

UK seabed landlord The Crown Estate pulled in more than £15m ($24.5m) of revenue from Britain’s burgeoning offshore wind fleet in 2013/14 – up by almost half on the previous year – its latest annual report revealed.

The Crown Estate said the performance of UK offshore was helped by strong wind conditions and a swelling installed capacity that now stands at 4.3GW.

The previous year offshore wind had delivered £10.6m to the Crown Estate's coffers.

The body – which managed a huge swathe of UK assets ranging from coastline to retail hubs – said offshore is on track to meet 10% of UK power demand by 2020.

It said its energy team had faced a “year of change and volatility” as UK power market reforms were finalised, leading to “some inevitable attrition in offshore wind, which we see as a positive step in the maturing of the industry”.

The Crown Estate also highlighted its own role as a co-investor of up to £100m to help drive the industry forward.