Crown Estate reports £210m Wales profit as Plaid Cymru presses for devolution of its powers
The Crown Estate has published its annual Wales Review, reporting £210m in operating profit from its Welsh assets during 2025/2026, though the bulk of that figure came from time-limited fees that have now ended.
Excluding those one-off option fees, underlying operating profit in Wales was £9.8m.
The bulk of the headline figure came from short-term option fees tied to the Mona offshore wind project, which sits primarily in Welsh waters off the north Wales coast.
Those fees ceased after Mona entered its pre-generation phase earlier this year.
The review also confirmed that rights were awarded in 2025 to developers for three floating offshore wind projects in the Celtic Sea through Offshore Wind Leasing Round 5, with a combined potential capacity of 4.5GW.
Dan Labbad, Chief Executive of The Crown Estate, said the agreements had the potential “to create over 5,000 jobs and contribute £1.4 billion to the wider economy.”
Seven organisations in Wales, described as skills providers, ports and companies, have received funding through The Crown Estate’s £50m Supply Chain Accelerator initiative to prepare them for Celtic Sea opportunities.
The organisations have not been named.
The Crown Estate said it had spent £40m on pre-consenting surveys to reduce the risk to Round 5 projects in the Celtic Sea, with just over half of Round 5 assessed as falling within Welsh waters.
The announcement comes as the new Plaid Cymru Welsh Government holds a manifesto commitment to devolve management of the Crown Estate in Wales, including seabed rights out to 12 nautical miles, away from London.
Plaid Cymru argued during the Senedd election campaign that Welsh natural resources should be controlled in Wales, with any revenues used to create green jobs and reduce fuel poverty.
Labbad addressed the new Welsh Government directly in the review, saying: “Like us, the new Welsh Government has a clear vision that the Celtic Sea opportunity must deliver long-term value for Wales and Welsh communities, and we look forward to building a strong partnership with Plaid Cymru Ministers to realise these benefits, together.”
The Welsh Government has not responded to the Crown Estate’s annual review.
The Crown Estate Act 2025 gave the Crown Estate new borrowing and investment powers, which the organisation said would increase investment in Welsh renewables and the supply chain over the next decade.
Michael Plaut OBE, a Welsh businessman, has been appointed as a Crown Estate Board Commissioner with specific responsibility for providing advice on conditions in Wales, beginning in July.
A Wales Forum of six independent expert members has also been established to provide advice to The Crown Estate’s executive team.
The Crown Estate said it had invested £2.6m in the Morlais tidal stream zone at Ynys Mon and supported 11 research projects at Welsh institutions examining the relationship between offshore wind and nature.
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