A new company, Steel River Power Limited (“Steel River Power”), has been created to build, own, and operate what will become the largest private wire network in the UK and deliver power to occupiers on the giant Teesworks development site, located in the Tees Valley in the North East of England.
Steel River Power will invest upwards of £100 million, directly employ more than 20 people, and indirectly employ hundreds more to upgrade and expand the existing private electricity distribution network to accommodate the current and future needs of tenants on the Teesworks site.
The scale of this direct investment in electricity network infrastructure will enable the accelerated and mission-led growth of net zero and sustainable industry on the Teesworks site.
Steel River Power Limited is a 50:50 joint venture between Steel River Energy Limited (“Steel River Energy”) and North West Electricity Networks (UK) Limited (“NWEN (UK)”).
Ian Smyth, CEO of NWEN (UK) said: “This is a substantial investment to build the electricity infrastructure required to achieve net zero in the UK. We are extremely excited to deliver our expertise to create the infrastructure that will generate high-value jobs and unlock sustainable economic growth.
“This investment cements NWEN (UK) as a leading provider of private electricity distribution network solutions.”
Chris Musgrave OBE, chairman of Teesworks Limited, said: “This is a massive step forward for Teesworks. Upgrading and expanding the private wire network will mean occupiers on the site have access to a safe and reliable electricity network with sufficient capacity to support their operations and growth. It is the backbone utility for Teesworks.
“Getting a new or expanded direct connection to the National Grid can take up to ten years, but tenants on the Teesworks site can obtain a connection to the Steel River Power private wire network immediately, unlocking development in the region.”
Martin Corney, director of Steel River Energy said: “Selected after a competitive process, NWEN (UK) are one of the most experienced and best performing operators of electricity infrastructure in the UK and hence tenants of the Teesworks site will benefit from their decades of expertise in the sector when it comes to designing, constructing, and operating the Steel River Power network.”
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