Consulting Report
05 Dec 2024
Commissioned by Urenco
Urenco provides uranium enrichment services and fuel cycle products for nuclear power generation. Operating in a pivotal area of the nuclear fuel supply chain for over 50 years Urenco serves more than 50 customers in 19 countries, facilitating zero carbon electricity generation for consumers around the world. This report investigates the contribution that Urenco’s UK enrichment facility at Capenhurst made to the economy in 2023.
Urenco is a trusted, long-term international supplier of enrichment services and fuel cycle products for the civil nuclear industry. Founded in 1970 by the governments of Germany, the Netherlands, and the United Kingdom, it has uranium enrichment facilities in each of those three countries and the United States.
We estimate that in 2023, Urenco’s operations at its Capenhurst site near Chester, UK, supported a £547 million contribution to gross domestic product and supported 4,575 UK jobs. Over the course of 2023 we estimate that its activities supported £130 million in tax revenues. This is enough to pay the equivalent annual wages of around 4,000 UK nurses.
Urenco Capenhurst also made wider contributions to the UK economy. Firstly, its considerable export presence (71% of Urenco Capenhurst’s turnover in 2023 was generated by exports) helps to support UK jobs, with these sales likely to boost the UK’s ability to exercise soft power. It also helps to boost the productive potential of the UK economy by enhancing the skills of its workforce through training, and running the Richie programme to foster science, engineering, technology, and maths (STEM) careers among young people.
Our Industry Consulting team are among the world’s leading analysts of a variety of industrial sectors. They combine their expert insight with our state-of-the-art economic models and tools to answer the crucial questions facing our clients.
Andy Logan
Director of Industry Consulting, Economic Impact
Emily Gladstone
Senior Economist, Industry
You might be interested in
GenAI productivity gains will skew towards services
Productivity gains from the use of Generative AI (GenAI) and other similar technological advancements are set to boost medium-term economic growth, but the gains will be spread unevenly across sectors.
European industry will bottom out and recover…eventually
European industry is still in the midst of an almost two-year recession, but we believe that the end is increasingly in sight.
Commodity Price Forecast: Middle East escalation presents upside risks
Fears of a substantial escalation in the Middle East last week prompted the largest swing in the oil price in over a year.
Risks to US industry from election skew to the downside
Our baseline forecast is for some form of divided government that will not alter the current trajectory of industrial growth. If either side achieves a governing trifecta and fully implements its agenda there are, however, differences: the growth consequences are mostly negative under former president Trump and mostly positive (albeit very marginal) under Vice President Harris.