Nuclear industry worth £50Bn to businesses in the South West

Business West, a leading independent business leadership organisation, has launched a new project to help firms in the South West benefit from the £24.5Bn Hinkley Point C nuclear power station.

The organisation is working in collaboration with Davies Nuclear Associates (DNA) to set up Nuclear South West (NSW) to provide a nuclear sector business platform for the South West region.

The initiative will help businesses maximise their opportunities with 15 projects potentially worth £50Bn being undertaken over the next 20 years.

Hinkley Point C will generate 3,200 megawatts of electricity, which will be enough to provide power for nearly six million homes and create more than 25,000 jobs.

The plant was expected to begin electricity generation in 2023 but earlier this month EDF admitted that construction had once again been delayed.

On Monday, Chancellor George Osborne announced that the UK will guarantee £2Bn deal which will allow China to invest in the nuclear power station.

Business West managing director Phil Smith said: “This news is the boost we needed after hearing that the investment decision has been pushed back and construction has been delayed. A £2bn commitment from government to help fund the construction of a key piece of the energy puzzle is a step in the right direction, which will be welcomed by South West businesses.

“Nuclear South West will help organisations in the region benefit from the enormous opportunities that Hinkley Point C and other projects will bring. After the Government’s renewed commitment to nuclear energy, we now need to see local firms reap the benefits.”

The final decision on allowing French energy firm EDF to begin work new nuclear reactors at Hinkley Point is expected next month.

 

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