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Urenco’s UK site boosts economic growth, skills and communities, report finds
05 December 2024
Urenco’s Capenhurst uranium enrichment site contributed more than half-a-billion pounds towards the UK economy last year, a report has found, whilst supporting thousands of jobs in nuclear and the wider supply chain.
The socioeconomic impact assessment, produced by Oxford Economics, revealed that Capenhurst supported a £547 million contribution to Gross Domestic Product (GDP) in 2023.
And for every £10 million in GDP generated by the site, another £11 million was generated elsewhere in the UK economy.
The report also found that:
Employment and opportunities
• The site supported 4,575 jobs around the UK, including its 951 employees.
• For every 10 people employed by Urenco, another 38 jobs were supported elsewhere.
• This gave Capenhurst a higher-than-average employment multiplier (4.8) compared to the wider UK nuclear energy industry (3.3).
• It invested in 33 apprentices and 16 people in further education, while supporting education partnerships with the University of Manchester and Tech First, among others to build a skilled workforce for the future.
Supply chain
• Urenco Capenhurst has a significant indirect impact to the UK economy through its extensive supply chain, stimulating economic activity particularly across the North West of England.
• It contributed around £230 million, with around 20% of the budget going to suppliers located in less affluent areas.
Tax and exports
• It generated enough tax revenues (£130 million) to pay the equivalent annual wages of around 4,000 UK nurses.
• The site contributed £6 million in business rates, 8% of the total value received by Cheshire West and Chester Council in 2023/24.
• £371 million (71%) of Capenhurst’s turnover was generated by exports, bolstering the UK’s international trade position. In perspective, the UK’s entire nuclear export of goods was £1.3 billion.
The report was commissioned by Urenco, based on 2023 data, to understand the site’s impacts on its communities, the north west region and the rest of the country, including through UK GDP, employment, supply chains, tax receipts, training and education.
The findings come as the site works towards the delivery of the first advanced fuels facility in Europe by the early 2030s, where it will provide high-assay low-enriched uranium (HALEU) to the global market to power the reactors of tomorrow. This facility will have a further positive impact in Chester and the northwest. It will support regional economic development by extending Urenco’s recruitment potential for individuals from a range of backgrounds. It will also provide significant export opportunities from 2031 and beyond.
Group Chief Nuclear Officer for Urenco, Chris Lloyd, said: “This report by Oxford Economics puts into perspective just how important Capenhurst is, not just for the North West but for the UK as a whole.
“From supporting employment, skills, the wider supply chain and communities, to making a significant contribution to the local, regional and national economies, Capenhurst is a proven strategic asset which will become even more invaluable with the dawn of smaller, smarter nuclear reactors in the next decade.”
Minister for Energy Security & Net Zero, Lord Hunt, said: “Urenco’s report demonstrates the positive impact nuclear projects can have in local communities and the wider supply chain.
“By supporting the Capenhurst site with funding to develop advanced nuclear fuel, not only are we boosting our energy security – we are supporting good quality jobs and economic growth across the North West.”
Chief Executive of the Nuclear Industry Association, Tom Greatrex, said: "This report shows the enormous contribution Capenhurst makes to the North-West and wider UK economy, generating significant export opportunities and creating skilled, long-term jobs and supply chain opportunities in places that really need them.
"As a world leader in nuclear fuel production, helping to drive Russia out of the nuclear market and strengthening energy security in the UK and abroad, it's vital that this critical UK asset is championed and supported so that it can continue delivering for Britain."
You can read the full report here.
Watch interviews with our senior leaders here.
About Urenco
Urenco is an international supplier of enrichment services and fuel cycle products with sustainability at the core of its business. Operating in a pivotal area of the nuclear fuel supply chain for 50 years, Urenco facilitates zero carbon electricity generation for consumers around the world.
With its head office near London, UK, Urenco’s global presence ensures diversity and security of supply for customers through enrichment facilities in Germany, the Netherlands, the UK and the USA. Using centrifuge technology designed and developed by Urenco, and through the expertise of our people, the Urenco Group provides safe, cost effective and reliable services; operating within a framework of high environmental, social and governance standards, complementing international safeguards.
Urenco is committed to continued investment in the responsible management of nuclear materials; innovation activities with clear sustainability benefits, such as nuclear medicine, industrial efficiency and research; and nurturing the next generation of scientists and engineers.
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