Energy transition will create 8,000 high-value jobs for Peterhead in next decade
New study of region’s prospects also highlights £1 billon of investment, generating £626 million income boost
More than 800 jobs will be created every year as £1 billion is invested in Peterhead and the surrounding area in the next decade to support the energy transition, according to a comprehensive new study of the region’s prospects.
The town’s rich skills base and supply chain capability will enable it to earn £626 million across a wide range of projects from carbon capture and storage to offshore renewables, transmission networks and hydrogen.
Once fully operational, these projects will generate an additional £71 million in gross value added (GVA) and support 820 jobs every year in the local economy.
The figures come from an analysis undertaken by BiGGAR Economics for the vision document published today by the Peterhead Energy Transition Forum.
The vision aims to:
- Promote Peterhead and Aberdeenshire more broadly as prime locations for business and investment;
- Support economic development through targeted initiatives;
- Enhance collaboration between the public and private sectors;
- Strengthen the visibility and competitiveness of the region nationally and internationally.
Seamus Logan, MP for Aberdeenshire North and Moray East, who has written the foreword for the report, said: “Through investment, strategic partnerships, and ongoing community engagement, Peterhead is positioning itself as a forward-thinking coastal town, ready to seize future opportunities and enhance the well-being of all who live and work there."
Peterhead Energy Transition Forum comprises a group of local companies and organisations working to enable mutually beneficial domestic and inward investment activity.
With support from Scottish Enterprise, participating organisations are: Aberdeenshire Council, ASCO, Dales Engineering Services, ETZ Ltd, Invest Aberdeen, JBS Group, Maritime Developments Ltd, Peterhead Port Authority, Score, Scottish Maritime Academy (part of NESCol), SSE Thermal, SSEN Transmission and Storegga.
ASCO's Head of New Energy and Net Zero, Thuy-Tien Le Guen Dang, commented: "Peterhead has a crucial role to play in the decarbonisation of Scotland, the UK and potentially Europe. Its strategic position, combined with a well-established and experience supply chain makes it an ideal hub for supporting not only the construction and operations & maintenance phases of offshore wind projects but also transmission, low carbon fuels and CCUS developments. ASCO is proud to be developing local expertise and making a positive contribution to our community."
The vision is aimed at a diverse group of stakeholders, from investors to local businesses, government bodies and the general public.
It centres on four pillars - collaboration, transformation, decarbonisation and prosperity - that are underpinned by proximity.
Collaboration is central to the way businesses already operate in Peterhead, connecting local enterprise and a well-established supply chain. It is a place where academia, industry and government work together to drive innovation, solve complex challenges and unlock shared value.
With huge potential on its doorstep, Peterhead is leading the charge in transforming the energy sector - from digitalisation to decarbonisation to diversification, it is embracing new technologies and ways of working.
Through a raft of proposed energy transition projects, Peterhead is a key player in the transition to net zero for Scotland and the UK.
The energy transition is a shared goal, from economic, environmental and social perspectives. So, this work is not only about achieving commercial success, but contributing to a thriving region, creating jobs, upskilling communities and building long-term resilience.
Critically, Peterhead is strategically important for energy developments for several compelling reasons - geography, infrastructure and industry. Proximity to North Sea energy resources means immediate access to oil, gas and, increasingly, offshore wind assets, which in turn means reduced transit times and lower logistics costs among other advantages.