Crown Estate reaps more offshore

The London Array, part of the UK's growing offshore wind fleet

The London Array, part of the UK's growing offshore wind fleet

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.

Become a Recharge subscriber!

Or try our free trial.

Order Subscription

Already a member?

Login


Recharge Monthly Magazine