Green
The Queen Elizabeth II’s contribution to green energy
June 19, 2012 by elegant · Leave a Comment
In 1760, the British monarchy surrendered its real estate to a government run establishment known as the Crown Estate in exchange for annual payments from the British government. The monarchy received £36 million ($56 million) for 2012. Its fiscal year runs from April to March of the following year.
The monarchy’s surrender of real estate to the Crown Estate includes 12 nautical miles of offshore seabed property around Britain, several parks, a shopping center district known as the Regent Street (majority owner), many shopping centers and golf courses across the U.K. Ascot Racecourse and many farms. The Crown Estate earned a profit of £240.2 million for fiscal 2012. The Queen receives 15 percent of the profit generated by the Crown Estate for her duty as the ceremonial head of the state.
The Crown Estate leases its offshore seabed since 2000 to wind farm operators including Centrica, Dong Energy and Siemens. The wind farm revenue has doubled in recent years.
The Crown Estate owned parks are also used by wind generators and they contribute 1.5 percent of the U.K.’s electricity production. More sites are under contract for wind farm development that will increase the renewable power supply in the U.K.