This will be one of the largest infrastructure projects ever undertaken in the UK. Benefits for the economy include UK supply chain, training and employment opportunities and a guarantee for low carbon electricity generation.
In a climate of post-Brexit uncertainty, the decision gives clarity to investors both at home and abroad that the UK - and the South West region in particular - is open for business. Deborah Waddell, CBI South West Director, said:
“The final green light for Hinkley Point is good news for the UK’s energy future as well as supporting jobs and growth across the South West and the country.'
The £18 billion investment offers many opportunities to the UK supply chain, and the Nuclear South West Conference on 20 September 2016 emphasised the number and diversity of opportunities for SME companies in the South West.
UK-based businesses are expected to secure contracts worth 64% of the project's value. Contracts worth over £435 million have already been awarded to firms in the South West, with both SMEs and large businesses benefitting. The investment will also create thousands of jobs and apprenticeships in the region.
When we think of Hinkley Point, we tend to think of the construction and operation of the nuclear core and associated electrical infrastructure - but the opportunities which will flow from the project are much more diverse than that. There will be (and have already been) opportunities for the South West supply chain in all areas from construction and engineering, through to O&M and facilities management and all the ancillary services which will be needed for project delivery and operation.
Those opportunities will only increase as the project progresses, and it will be very important that businesses gear up early in order to respond to them. We would be delighted to speak with you if you are interested in this area, and to help you position yourself now to take advantage of opportunities as they present themselves.