Crown Estate’s Revenue from Existing Offshore Wind Farms 20 Pct Higher, Operating Profit Dips as Round 4 Projects Enter Construction Phase

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Revenue from existing offshore wind farms rose 20% to GBP 117 million while total operating profit fell to GBP 1.2 billion from GBP 1.4 billion, a decline the Crown Estate attributes to Round 4 option fee income dropping from GBP 1,073 million to GBP 875 million as projects entered construction. The first two Round 4 projects began construction during the year, and the Morgan site (1.5 GW) was handed back after missing AR7 funding, with a new tender expected in the coming months. Under new parliamentary powers effective 2025, the Crown Estate will now retain 60% of gross revenue for reinvestment, up from 27%, enabling up to GBP 5 billion in investment over the next decade.