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Scottish Seabed Windfall

There's money in them thar waters.

The Scottish government is in line for a windfall of up to £860m from a forthcoming auction of Scottish seabed plots for windfarms, after lifting a cap on maximum bids following a runaway auction in England and Wales.

The Queen's Crown Estate Scotland originally planned to cap the amount developers could offer for a seabed lease at £10,000 per square kilometre, but under new rules the bidding will be allowed to swell to a maximum £100,000 per sq km.

Danish energy giant Ørsted will be among the firms bidding for the 8,600 sq km of Scottish seabed on offer. It's very good news because it's sufficient space to create a windfarm with enough oomph to power every Scottish household - and save more than 6m tonnes of carbon dioxide a year.

The decision to raise the bidding limit came after the crown estate’s auction in February generated up to £9bn over the next decade from energy companies, including BP, eager to build turbines off the coasts of England and Wales. It was a seriously good moment for the coffers of Queen Elizabeth II as the record-breaking bids were five times higher than expected for some plots.

Looks like she's in for another windfarm windfall.

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