The EDF owned Hinkley Point C in Somerset is to be the UK’s first new nuclear power station in 25 years. The £16bn investment will build the largest engineering project in Europe, and the UK’s largest inward investment project.
The project will employ 25,000 individuals over its lifetime, and 5,600 individuals at peak, and is estimated to provide in the region of £100m/year additional GVA into the local economy during the construction process. The station will provide electricity to around 6m homes over a 60 year life cycle, contributing roughly 7% of the UK’s overall national requirements.
Approximately 160 major contracts will be available with the Tier 1 suppliers, which will in turn place hundreds of contracts for goods and services with lower tier suppliers. Hinkley Point C will attract international players in the new nuclear industry to Somerset, the Heart of the South West and the UK.
The South West Low carbon Innovation Centre, in Somerset will form a business cluster “hub” for the entire South West. The Centre, opening in June 2015 will encourage collaborative working between indigenous businesses and inward investing businesses and provide specialist business support.