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First published on Fri 12 Feb 2021 01.00 EST
The Queen’s property manager in Scotland has delayed the auction of Scottish seabed plots for windfarms after runaway bids for leases in England and Wales handed the Queen and the Treasury a multibillion-pound windfall.
Crown Estate Scotland paused its auction in order to carry out a review of the process after the “unprecedented” bidding in an auction for England and Wales lease options last week reached record highs.
The Queen and the Treasury could share a windfall of up to £9bn over the next decade from the England and Wales auction after energy companies including BP offered to pay five times more than expected for the option to build new windfarms.