BP among the winners in auction of offshore seabed rights for next decade

The Queen and the Treasury will receive an offshore windfarm windfall of almost £9bn over the next decade, after a major auction of seabed plots attracted runaway bids from energy companies including the oil company BP.

The crown estate’s first auction of its seabed licences in a decade will earn the Queen’s property manager £879m a year, for up to 10 years, and clear the way for six new offshore windfarms and enough clean electricity generation for more than 7m homes.

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