Utility companies worth £2bn to the North

Utility companies worth £2bn to the North

Four of the North’s leading utility companies have launched a new report today highlighting how they are driving £2bn worth of investment into the region each year.

Over 50 MPs from the north attended the launch of the report undertaken by Edge Analytics at the House of Commons.

The report shows that for every £1 the four companies invest, a ripple effect of 87p additional spend in the region is created.

This means that over the next five years, Northern Gas Networks, Northern Powergrid, Yorkshire Water and Northumbrian Water, which together make Infrastructure North, will generate additional investment of £10bn in the north.

James Wharton MP, minister for the Northern Powerhouse, said: “I’m very pleased to see collaboration – the key lifeblood of the Northern Powerhouse – between these companies to align plans for growth and invest in long-term solutions. I’d welcome further collaboration with other companies across the north to extend this good work.

“I commend these companies for the way they are helping to sustain economic growth in the north, and improve the health and wellbeing of their regions. I am sure you will read the report with great interest.”

Tom Fielden, finance director of Northern Powergrid, added: Since our last report two years ago, our four companies have made a significant economic impact.  There are now 40% more businesses in our supply chains with 33% more within the north.  

“1,000 more jobs have been created and our commitment to our communities has strengthened further, with 30,000 volunteering hours over the last year, 49,000 children reached through educational visits and 1m visitors to recreation sites.

“We are investing £2.16bn each year in the region to ensure customers continue to receive a high quality and reliable service.

“This investment is a key part of developing the northern economy as part of the Northern Powerhouse to rebalance growth across the regions in the UK.” 

Follow the launch live on Twitter using the hashtag #infranorth