â€œFollowing the news of EDF’s final investment decision on Hinkley, we urge the government to make a quick decision in support of the project. The Hinkley investment and its legacy will have a major benefit for the economy of the surrounding communities and the wider UK for decades to come and is truly transformational.â€
The largest engineering project in Europe, the construction of the new power station is a once in a lifetime opportunity to boost the jobs and economic prosperity and generate thousands of training opportunities for local people.
Hinkley Point C will be the first new nuclear power station in the UK for a generation, capable of generating 7% of the UK’s total energy requirement. Over 60% of the project’s £18 billion construction value is predicted to go to UK companies. The project will create 25,000 job opportunities, 1,000 apprenticeships and will inject £100m a year into the regional economy.
Matt Burley, Chair of Nuclear South West said: â€œThe future of the nuclear industry in the south west and the scale of financial opportunity that could be unlocked for businesses of different sizes and sectors is enormous.
â€œI am absolutely delighted that EDF has agreed a Final Investment Decision that allows the Hinkley Point C project to go ahead. This decision clears the way for a huge multi-year nuclear reactor build programme and up to 60 years of large scale electrical power production which will affect every one of the 205,000 businesses in the South West, either directly or indirectly. Hinkley Point C is a fantastic opportunity that places the South West at the forefront of UK civil nuclear new build: it will allow South West businesses to build knowledge and access the global nuclear industry; it will allow local schools, colleges and universities to get up close to the very latest science and engineering disciplines; and it will allow our families to benefit from the long term regional economic benefits. This is a fantastic day for the nuclear industry, for the UK and France, for EDF and her Chinese Investment Partners, and for the South West.â€
Steve Hindley, Chair of the Heart of the South West (HotSW) LEP, said: â€œHinkley Point C will transform our economy, creating 25,000 new jobs and generating £18bn investment. It’s the cornerstone of our Nuclear South West partnership in which we’re promoting the South West as the UK’s leading area for the nuclear sector with international profile.
â€œWe’re geared up to provide local packages of investment which will make sure we really maximise these opportunities for people and businesses in our area:
â€œThe new Somerset Energy and Innovation Centre near Bridgwater, the Hinkley Point Training Agency and the Hinkley Supply Chain for example – all part funded through the HotSW LEP’s deals with Government – are key components of the thriving Nuclear South West cluster.
â€œThis development will create a major step-change on our journey towards transformational growth, when we will really see the true value of the Heart of the South West in its role within the UK economy.â€
There are over 180 nuclear companies and organisations in the South West. Many are part of Nuclear South West’s Industry Network which helps businesses raise their profile and win work by sharing information and connecting them to new opportunities.
Nuclear South West held an event in Westminster earlier this month:
â€œThe South West – Powering the UK’s Nuclear Future,â€ which brought together parliamentarians and South West nuclear industry leaders to set out the economic potential the region has to support the UK energy sector and ensure the Government recognises the unique opportunities that exist in the South West.
Today’s announcement consolidates those opportunities and will enable the local economy to create a legacy of jobs, skills, infrastructure and supply chain trade.
Notes to Editors
Nuclear South West is a partnership between the nuclear industry network in the South West and the stakeholder alliance of the Local Enterprise Partnerships: Heart of the South West, West of England and GFirst; the academic and skills sector and the business support agencies.
Nuclear South West is capitalising on the South West’s unparalleled strength and potential in the global nuclear industry; and generating transformational economic benefits to the UK and regional business community. The facts and figures are:
- There will be at least £50billion worth of contracts available to South West companies across 15 projects over the next 20 years in new build, decommissioning and defence.
- There are over 180 nuclear companies and organisations in the area, with over 8,000 highly skilled workers.