UK King To Divert Excess Profits From Wind Energy Projects To Public - Buckingham Palace

UK King Charles III intends to divert excess profits from six new offshore wind energy projects to British citizens, Buckingham Palace said on Thursday

MOSCOW (UrduPoint News / Sputnik - 19th January, 2023) UK King Charles III intends to divert excess profits from six new offshore wind energy projects to British citizens, Buckingham Palace said on Thursday.

Crown Estate, the UK's royal property authority, said earlier in the day it had signed six leases for its properties to carry out offshore wind energy projects totaling 1 billion Pounds ($1.2 billion). Under UK laws, the royal family receives 25% of the Crown Estate's activities.

"In view of the offshore energy windfall, The Keeper of the Privy Purse (Michael Stevens) has written to the Prime Minister (Rishi Sunak) and Chancellor (Jeremy Hunt) to share The King's wish that this windfall be directed for wider public good, rather than to the Sovereign Grant, through an appropriate reduction in the proportion of Crown Estate surplus that funds the Sovereign Grant," a Buckingham Palace spokesperson was quoted as saying by UK broadcaster GB news.

UK citizens will receive these funds through reduced share of Crown Estate profits aimed at financing the activities of the royal family, the broadcaster said.

In 2017, the amount of contributions to the sovereign grant to fund the royal family was increased from 15% to 25%. At the moment, the grant is 86.3 million pounds.