A report has revealed the growing economic impact - including thousands of jobs - of an Ipswich-based business energy supplier.
Haven Power contributed £696m towards UK GDP in 2017 – a 43% increase from 2016’s figures, according to a study into the economic impact of its parent company, energy firm Drax Group. Haven also increased the number of jobs it supported across the country from 5,400 to 7,400 thanks to a substantial rise in profitability and company growth.
Haven Power joined the group in 2009 and supplies electricity to a host of British businesses, including Yeo Valley, Manchester Airport Group and Thames Water. It employs 450 people across its two offices at Ransomes Europark and Franciscan House in town.
The report also found that in the East of England, Haven Power and Drax combined to generate £273m in the local economy - up £50m from 2016 - and support 2,500 jobs.
Researchers at Oxford Economics used three measures to calculate Haven Power’s GDP contribution: the economic activity associated with the day-to-day running of the business; the activity created by the purchase of goods and services from its suppliers; and the wages the company’s employees and suppliers’ employees spend in their local area.
Employment supported by Haven Power’s activities covered a wide range of sectors including IT, professional business services and transport.
Drax Group Retail chief executive Jonathan Kini said: “This report shows that in addition to being a leading supplier of energy to British businesses, Haven Power also plays an important role in the local and national economy. Through the people we employ and the businesses we use, we have supported thousands of jobs and generated nearly £700m of economic activity in Ipswich and beyond.”
Paul Sheffield, Haven Power chief operations officer, said: “We’re a well-established business and have strong links here, having been founded in Ipswich in 2006. In addition to employing people from the local area, we use a number of businesses in the region to provide us with products and services that enable us to deliver the best possible experience for our customers.”
Ipswich MP Sandy Martin said: “I’m proud that Haven Power, an energy supplier with an impressive nationwide operation is based here in Ipswich. Haven creates and maintains employment, contributes substantially to the local economy and plays an active role in engaging with the local community”
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