Business
UK Economic Impact of Dorset H2 Storage
UK Economic Impact of Dorset H2 Storage.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this information is now considered to be in the public domain.\n \nUK Oil & Gas PLC\n(\"UKOG\" or the \"Company\")\n \nUK Economic Impact of Dorset H2 Storage\n \nUK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that its wholly owned subsidiary UK Energy Storage (\"UKEn\") has received a report from economic impact specialist Quod, forecasting the potential socio-economic impacts of UKEn's planned South Dorset salt cavern storage facility.\n \nThe report highlights that, if the project is constructed and operated as envisaged (see RNS of 28 January 2025), it could contribute the following material benefits to the UK economy during its lifetime (the Gross Value Added or \"GVA\", a measure of the value of goods and services produced in an area, industry or sector of an economy):\n \n· £2.28 bn overall annual GVA during its potential 30+ year operational life, comprising:\ni. £1.5 bn annual GVA via its contribution to the wider UK national 'green economy'\nii. £780 million annual GVA directly and indirectly from projected operations;\n· £665 million further GVA of direct and indirect/supply chain economic benefits could result from the planned 4-year construction phase involving a facility Capex of ~£0.8 bn;\n· Support New Job Creation:\ni. Up to 2,100 direct and 5,100 jobs in the supply chain during facility construction\nii. Up to 135 new skilled direct and indirect jobs in Dorset during facility operations.\n \nIt should be noted that the project is in its engineering design stage and there is no guarantee it will be constructed or operated as envisaged. The project will also require funding for the estimated ~£0.8 bn Capex to be secured, plus customary planning and regulatory consent. In preparing their economic impact report Quod have utilised the calculated storage volumes and annual hydrogen cycling capacities stated in DEE...