MGT Power today announced that it is to open a second biomass power plant in the North East. Having recently announced plans to build on a site on Teesport, MGT today confirmed that they will also open a plant on Tyneside. Today’s announcement by MGT Power is good news both for Tyneside and the North East generally.
The 295MW Tyne Renewable Energy Plant (Tyne REP), will be constructed on industrial land owned by the Port of Tyne. This will constitute an investment of over £400m in the immediate area, yet will bring economic benefits to the region as a whole as we continue to cement a reputation as a hub for innovation and dynamism amongst energy related businesses.
This kind of momentum must continue, and it is critical that businesses such as MGT Power are given every incentive to invest in the North East. NECC recently set up an Energy Policy Working Group in conjunction with Eversheds, and this group will publish a report that identifies the obstacles that businesses quite often come across as they seek to invest. The report will also focus on the opportunities that exist in this valuable area of our regional economy, and how we can ensure that the North East economy reaps the full benefits of a thriving and competitive energy sector.