Investment in the UK’s electricity networks could contribute £58 billion in gross value added (GVA) to the economy and support more than 210,000 jobs by 2035, according to a new Sector Growth Plan published by the Energy Networks Association (ENA) and electrical equipment manufacturers’ association BEAMA.
The Plan is the first of its kind, and aims to maximise the economic benefits of upgrading and expanding electricity networks as the UK transitions towards a more electrified, low-carbon energy system.
Produced with input from the UK Government, Scottish Government, Welsh Government, Ofgem, employers and trade unions, the Plan also sets out practical measures to strengthen Britain’s industrial capabilities by providing greater transparency around planned upgrades for manufacturers and SMEs.
These include enhanced supply chain visibility so manufacturers and SMEs can plan multi-year capacity, a shared Local Content methodology to enable quantification of UK economic benefits and a shift towards facilitating long-term procurement and collaboration. The ENA says these measures will give businesses the confidence to invest, expand and create jobs across the country.
To support the implementation of the Plan, a newly established Growth Partnership, supported by ENA and BEAMA, has been established. Overseen by an independent Chair, the Partnership will include dedicated sub-groups driving the delivery of cross sector action plans, focused on supply chains and skills development, in order to make the Plan a reality.