Environmental group accuses king’s property management company of ‘milking for profit’ its monopoly ownership of seabed
Greenpeace is threatening to sue King Charles’s property management company, accusing it of exploiting its monopoly ownership of the seabed.
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. 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.
Will McCallum, co-executive director at Greenpeace UK, said the estate should be “managing the seabed in the interest of the nation and the common good, not as an asset to be milked for profit and outrageous bonuses”.
“We should leave no stone unturned in looking for solutions to lower energy bills that are causing misery to millions of households,” he said.
…
