A report by consultants Ernst & Young has found that the UK’s power and gas sector had a turnover of £88bn ($137bn) last year.

The report found that the sector “punches above its weight” and in 2010 contributed £28bn to the UK economy, accounting for 2.4 per cent of the country’s Gross Value Added total. The sector invested £8.5bn last year and is set to invest £11bn this year, despite the current economic climate, according to Ernst & Young.

The power and gas sector also contributes more, relatively, to the regions of the UK than almost any other industry, counterbalancing the concentration in the South East of sectors such as finance, found Ernst & Young’s report Powering the UK, unveiled at this week’s Labour Party Annual Conference in Liverpool.

The greatest concentration of power and gas companies in England is in the South West, followed by the East Midlands and the North East.

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