Leading energy supplier Haven Power contributed £488 million towards UK GDP in 2016 and supported 5,400 jobs across the country. 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 nearly 400 people at its headquarters in Ransomes Europark, near Ipswich and over 50 at Franciscan House in the town centre
The report also found that in the East of England alone, Haven Power and Drax combined to generate £232 million in the local economy and support 2,200 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 £500 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: “In recent years Haven Power has grown to become an energy supplier of national importance, working with businesses across the country to use their energy more efficiently. In doing so it has become an important part of the Ipswich community, creating jobs, working with local businesses and supporting a range of community initiatives.”
Full details of the study can be found at draximpact.co.uk
Notes to editors:
About Drax Group
Drax Group plc plays a vital role in helping change the way energy is generated, supplied and used as the UK moves to a low carbon future. Drax operates the largest power station in the UK, based at Selby, North Yorkshire and supplies 7 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. 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 Biomass, based in the US and manufactures compressed wood pellets produced from sustainably managed working forests.
Haven Power, based in Ipswich, providing businesses with electricity.
Opus Energy, based in Oxford, Northampton and Cardiff, providing electricity and gas to businesses.
Billington Bioenergy, based in Liverpool with depots across the UK, is one of the leading distributors of wood pellets for sustainable heating in the UK.
For more information visit www.drax.com/uk
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: draximpact.co.uk/public/Oxford_Economics-Economic_impact_of_Drax_in_the_UK_2016.pdf