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King Charles to return millions in wind farm profits to the nation

King Charles would like an expected increase in profits from British Crown wind farms to go towards the “public good” rather than the royal family’s funds, he has told the government.

Under agreements announced on Thursday, the British Crown will lease sites for six new offshore wind projects capable of generating enough green electricity to power more than seven million homes by 2030.

A Buckingham Palace spokesman said King Charles’s treasurer, known as the Keeper of the Privy Purse, had written to the prime minister and the chancellor “to share the King’s wish that this windfall profit be directed towards good. wider public, and not for the sovereign subsidy”.

Under an agreement with the government, the royal family receives a “sovereign subsidy” that covers the royal families’ running costs and travel expenses. The figure is based on 15% of excess income from the British Crown’s estate – a portfolio of properties belonging to the monarchy.

The portfolio includes, for example, some of the most expensive land in London and urban shopping centres, as well as offshore properties.

Profit sharing from the wind farm would take place through “an appropriate reduction” in the proportion of the British Crown’s surplus equity that finances the sovereign subsidy.

The sovereign subsidy was worth £86.3m ($107m) last year and the property portfolio is forecast to appreciate as offshore wind becomes a key factor in renewable energy production. from UK.

Charles, who became king in September after the death of his mother Queen Elizabeth, mentioned the cost of living crisis faced by many Britons when he delivered his first Christmas address to the nation.

(By Kate Holton)

Source: CNN Brasil

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