Ipswich-based Haven Power increases contribution to the UK economy by 43% to £696 million - Drax
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Ipswich-based Haven Power increases contribution to the UK economy by 43% to £696 million

Leading energy supplier Haven Power contributed £696 million towards UK GDP in 2017 – a 43% increase from 2016’s figures. The business also increased the number of jobs it supported across the country from 5,400 to 7,400 thanks to a substantial rise in profitability and company growth.

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The findings were revealed in a new report looking at the economic impact of British energy company Drax Group.

Haven Power joined the Group in 2009 and has grown to become a leading supplier of electricity to British businesses, including Manchester Airport Group and Thames Water. It employs 450 people across its two offices at Ransomes Europark, near Ipswich and Franciscan House in the town centre

The report also found that in the East of England alone, Haven Power and Drax combined to generate £273 million in the local economy, up £50 million from 2016 and support 2,500 jobs.

Researchers at Oxford Economics used three measures to calculate Haven Power’s GDP contribution: the economic activity associated with the day-to-day running of the business; the activity created by the purchase of goods and services from its suppliers; and the wages the company’s employees and suppliers’ employees spend in their local area.

Employment supported by Haven Power’s activities covered a wide range of sectors including IT, professional business services and transport.

Drax Group Retail CEO, Jonathan Kini, said:

“This report shows that in addition to being a leading supplier of energy to British businesses, Haven Power also plays an important role in the local and national economy. Through the people we employ and the businesses we use, we have supported thousands of jobs and generated nearly £700 million of economic activity in Ipswich and beyond.”

Paul Sheffield, Haven Power Chief Operations Officer, said:

“We’re a well-established business and have strong links here, having been founded in Ipswich in 2006. In addition to employing people from the local area, we use a number of businesses in the region to provide us with products and services that enable us to deliver the best possible experience for our customers.”

Sandy Martin, Member of Parliament for Ipswich, said:

“I’m proud that Haven Power, an energy supplier with an impressive nationwide operation is based here in Ipswich. Haven creates and maintains employment, contributes substantially to the local economy and plays an active role in engaging with the local community”

ENDS

Full details of the study can be found at draximpact.co.uk

Media contacts:

Ali Lewis
Drax Group Interim Head of Media & PR
E: [email protected]
T: 07712670888

Jessica Gorton
Drax Group Press Officer
E: [email protected]
T: 07712677177

Notes to editors:

  • Drax’s acquisition of Scottish Power’s generation assets is expected to complete at the end of the year, subject to shareholder approval.
  • Drax recently converted the fourth of its six generating units from coal to use sustainable biomass – around 70% of the power produced at the power station is now renewable.
  • It has plans to repower its two remaining coal generating units to use gas, which are being considered by the planning inspectorate. If approved, Drax could stop using coal well ahead of the government’s 2025 deadline.

About Drax

Drax Group plc plays a vital role in helping change the way energy is generated, supplied and used. Its 2,300-strong staff operate across three principal areas of activity – electricity generation, electricity sales to business customers and compressed wood pellet production.

The Group includes:

Drax Power Ltd, which operates the largest power station in the UK, based at Selby, North Yorkshire and supplies six percent of the country’s electricity needs. The energy firm converted from burning coal to become a predominantly biomass-fuelled electricity generator. Drax is the biggest single site renewable generator in the UK and the largest decarbonisation project in Europe.

Haven Power, based in Ipswich, supplies electricity to large Industrial and Commercial sector businesses.

Opus Energy, based in Oxford, Northampton and Cardiff, provides electricity and gas to small and medium sized (SME) businesses.

Drax Biomass, is based in the US and manufactures compressed wood pellets produced from sustainably managed working forests, supplying fuel used by Drax Power Station in North Yorkshire to generate flexible, renewable power for the UK’s homes and businesses.

For more information visit www.drax.com

About Oxford Economics

Oxford Economics was founded in 1981 as a commercial venture with Oxford University’s business college to provide economic forecasting and modelling to UK companies and financial institutions expanding abroad. It is now one of the world’s foremost independent global advisory firms, providing reports, forecasts and analytical tools on 200 countries, 100 industrial sectors and over 3,000 cities. Its best-of-class global economic and industry models and analytical tools give an unparalleled ability to forecast external market trends and assess their economic, social and business impact.

About the study

Oxford Economics assessed the economic benefits of Drax Group using a standard means of analysis, called an economic impact assessment. This approach is applied in each of the three stages of the study.

The full report can be viewed here: http://www.draximpact.co.uk/public/Oxford_Economics-Economic_impact_of_Drax_in_the_UK_2017.pdf