New research reveals predicted long-term economic benefits of STEP fusion for the East Midlands

The East Midlands could benefit from a nearly 10,000 new jobs and see a £700 million economic boost each year, as revealed by a new economic impact assessment of the UK’s first prototype fusion energy powerplant in north Nottinghamshire.

An average of 2,976 construction, planning and design-related jobs are due to be created each year, bringing an average £236m annual boost for the region’s economy.

Meanwhile, an average of 6,440 new operational jobs are set to boost the East Midland’s economy by around £489m each year.

The report covers a timeframe through to 2065, with the majority of these benefits expected from 2030 onwards.

The major project – Spherical Tokamak for Energy Production, known as STEP – is being led by UK Industrial Fusion Solutions Ltd (UKIFS) part of the UK Atomic Energy Authority group (UKAEA). Due to be built by 2040, it aims to revolutionise the way energy is generated thanks to cutting-edge fusion technology.

As well as the STEP fusion facility, a skills centre and a business park are planned.

The report identifies other key benefits for Nottinghamshire including a forecasted annual average of more than 1,000 new construction related jobs, which will boost the county’s economy by £86m each year.

Meanwhile, the number of operational jobs due to be created is predicted to be around 2,760 each year which will bring an average annual economic boost worth £210m for Nottinghamshire.

Working closely with UKIFS Ltd, Nottinghamshire County Council commissioned the report on behalf of key partners, including Bassetlaw District Council, Lincolnshire County Council and West Lindsey District Council.

Councillor Keith Girling, Nottinghamshire County Council’s Cabinet Member for Economic Development and Asset Management, said this is exciting news for future generations and the economy. He said:

“We already knew this once-in-a-lifetime project would create massive growth, investment and skills, but now we know the full extent of it. This is incredible news for our county and the region, particularly for our future generations who will really reap the benefits.

“This report now provides us with crucial insight and sets a benchmark to help partners plan for future investment as well as environmental and economic policies for that area.”

Paul Methven, CEO of UKIFS, welcomed the publication of the report. He said:

“This is the first examination of the positive economic impacts of the STEP programme across the region and beyond. It gives a fascinating insight into the potential for STEP to deliver direct economic and social benefits and stimulate much wider opportunities across many sectors.

“We look forward to supporting regional leaders in driving these opportunities regionally and enabling economic growth nationally.”

Sally Grindrod-Smith, West Lindsey District Council’s Director of Planning, Regeneration and Communities said that this project represents a transformative opportunity for Gainsborough and the region. She said:

“We are delighted that this economic impact assessment confirms that West Lindsey will benefit from substantial local economic growth, the creation of thousands of skilled jobs and significant investment in infrastructure and the local supply chain for generations to come.

“STEP is a world-class initiative and will not only position our area at the forefront of clean energy innovation but also ensure long-term prosperity and sustainability for our community.”

A summary version of the report is available here: https://www.nottinghamshire.gov.uk/media/vvhf5poy/stepsummaryreport.pdf

For more info on the project: STEP – Spherical Tokamak for Energy Production