UK Power Reserve have launched a new report assessing the economic impact of the energy sector within the Midlands region. The report identifies the number of jobs supported directly by the energy sector and highlights that 1-in-3 jobs in energy generation are based in the Midlands. The study, developed by Regeneris, also found that the energy generation sector supports additional employment through its extensive supply chains.
Key highlights from the report include:
the Midlands Energy sector supports 30,000 direct jobs and 77,900 jobs in its supply chain
the sector has a high level of specialisation:6 times the national average
the energy sector contributes £5.0 billion to the regional economy
output per working age residents in the Midlands is £698 per annum compared with an average of £472 nationally
in total, the sector supports around 162,500 jobs and generates c. £14.0 billion to the UK economy through its direct, indirect and induced impacts.
While not only establishing the role that the Midlands region plays in the energy sector, this study also looks ahead at some of the drivers and challenges the sector will face over the next 20-30 years. Some of these challenges include:
Reduced support for large infrastructure projects often requiring large subsidies
a revolution in energy generation, storage and distribution (going from a centralised model to local generation)