UK Receives £1 Billion Annual “Windfall” From New Offshore Wind Leases

Further demonstrating the strong demand emerging in the offshore wind energy sector for prime locations, the UK’s Crown Estate concluded agreements for leases on six new offshore wind sites as part of the country’s fourth round of leasing. The annual option fees set by the companies through the auction process stand to provide £1 billion ($1.24 billion) annually to the UK Treasury setting a new record following similar records in the U.S. from 2022’s auction for the leases in the New York Bight.

View entirety: The Maritime Executive