"The environmental lobby group alleges the crown estate has driven up costs for wind power developers and boosted its own profits, as well as the royal household's income, due to the aggressive way it auctions seabed rights. The crown estate, as the legal owner of the seabed around England, Wales and Northern Ireland, is responsible for auctioning offshore wind rights."
"The crown estate, as the legal owner of the seabed around England, Wales and Northern Ireland, is responsible for auctioning offshore wind rights. It has benefited from the huge growth in the industry, commanding hefty option fees from renewable energy developers to secure areas of the seabed to build their windfarms. It made a 1.1bn profit in its financial year ended in March, double its level just two years ago."
Greenpeace is threatening to sue King Charles's property management company, accusing it of exploiting a monopoly over the seabed. The group alleges the Crown Estate has raised costs for wind developers, increased its profits and boosted the royal household's income through aggressive seabed auctions. The Crown Estate owns the seabed around England, Wales and Northern Ireland and auctions offshore wind rights, charging hefty option fees to secure sites. It reported a 1.1bn profit for the year to March, double that two years earlier. Greenpeace demands an independent review of auction practices, warns seabed rationing could harm offshore wind development, and says legal action may follow. The Crown Estate rejects the claims.
Read at www.theguardian.com
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