The Tees Valley Engineering Partnership is hoping that more multinational companies will undertake projects in the region, following a recent cash commitment from British Gas owner Centrica plc.

Last month, Centrica plc announced it had acquired an option to participate in the creation of the UK’s first completely clean coal-powered generation project, which is being built on Teesside.

The agreement, made with Progressive Energy Limited, cost the company £7.15 million and provided Centrica with an 85 per cent interest in development company Coastal Energy Limited, which will seek full consents for the right to construct a new clean coal-powered station.

Recent reports suggest that construction of the Teesside plant, which will cost an estimated £1 billion, could start within the next two years and will ultimately provide power for more than one million homes.

This level of cash influx will undoubtedly have a significant impact on the region and Malcolm Potter, manager of the Tees Valley Engineering Partnership, is hoping this may signal the start of more inward investment.

Malcolm said: “This announcement has brought a lot of attention to the Tees Valley and is once again showing the country and the international engineering community that the region is a place to be reckoned with.

“The Tees valley offers an array of benefits for any organisation wishing to set up home here, from a well established infrastructure, to a guaranteed power supply and a highly skilled workforce, facts which have already attracted a substantial number of large and foreign organisations.

“I am glad that Centrica plc has recognised this and has chosen to put weight behind a Teesside project. Hopefully, many other large conglomerates will follow suit in the not too distant future.”

Members of the Tees Valley Engineering Partnership, including engineering organisations, training providers and industry support groups are now working collaboratively to equip themselves for a sustainable future by developing capabilities that can compete with engineers worldwide.

Malcolm Potter believes that this focus, coupled with an already strong collection of organisations, will encourage new companies to enter the area and ensure organisations like Centrica remain here in the long term.

Malcolm said: “As a company, Centrica has big ambitions and in the coming years is hoping to position itself at number one or two in the energy supply market. I hope that after receiving the support of everyone here on Teesside, Centrica will see that the area can play host to more of its expansion plans as the months progress.”