£59bn investment in offshore energy projects estimated over next 20 years
PUBLISHED: 16:01 04 March 2019 | UPDATED: 13:05 10 February 2020
Almost 2,000 new jobs across 59 businesses have been offered since the launch of a special scheme in 2012, with a hopeful outlook for the future expected.
The Lowestoft and Great Yarmouth Enterprise Zones, which were expanded last year, are designated areas providing tax breaks, simplified planning and enhanced government support aimed at driving business investment and growth.
Waveney District and Great Yarmouth Borough Councils have now commissioned Norwich-based Building Partnerships Ltd to review the six zones in the area.
The zones currently cover more than 130 hectares of land and aim to attract at least 200 businesses and more than 9,000 jobs over its 25-year lifespan, having already seen £48bn of private sector investment.
Paul Knowles, chairman at Building Partnerships Ltd, said: "We are delighted to have been commissioned to deliver this review of the Enterprise Zones, recognised as one of the best performing zones in the country for stimulating investment and job creation.
"Our job is to review what has been instrumental in bringing forward these sites to date, to test and refine demand for the type of amenities businesses need, and then find new and alternative ways to accelerate investment in infrastructure, buildings and facilities."
The Zones are focussing primarily on the energy sector and its supply chains, recognising the importance of the oil and gas, offshore renewables, and nuclear power sectors to the local area.
Based on the latest forecasts, engery-sector specialists Nautilus Associates claim more than £59bn could be invested in new offshore energy and infrastructure projects between now and 2040.
Johnathan Reynolds, director at Nautilus Associates, said: "We are seeing huge new investments in new offshore wind projects off the East Anglian coast, with an annual operational spend close to £1.3 billion per year by 2025.
"Offshore oil and gas activity is picking up following the most recent downturn, and decommissioning projects are now being contracted.
"It is an exciting time to be in the energy supply chain with so many opportunities for growth."