Energy Efficiency in the Public Sector through ESCOs

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1 Energy Efficiency in the Public Sector through ESCOs Steps forward to developing the ESCO market Toivo Miller Energy Efficiency and Climate Change EBRD - London HQ European Bank for Reconstruction and Development

2 Outline Why are Efficiency Potential in Public Sector not exploited? What is Energy Performance Contracting (EnPC/EPC)? And what are the Advantages of EnPC? Why EnPC in the Public Sector? What Barriers need to Overcome? What Steps help EnPC/ESCO Market Development? What is EBRD s ESCO Experience? 2

3 Inefficiencies in the public sector business/financing opportunities Underinvestment and operational inefficiencies lack of resources for optimised operations and proper maintenance public authorities often lack budgetary funds and cannot raise debt for efficiency investments lack resources for designing multi-annual efficiency investments (important due to public procurement) ESCO business/financing opportunities significant energy saving potentials (inefficient technology, not well maintained and operated) commercially attractive payback periods (optimised operations and certain investments) 3

4 Public sector lacks resources for developing efficiency investments and optimising operations If funds/grants are available: Survey with 32 Romanian municipalities confirmed: 28% don t record energy consumption data leverage funds by co-financing EnPC and finance in particular efficiency Also Western European cities often don t have 69% don t perform energy audits measures with long, commercially resources for designing efficiency projects. This 82% don t have a dedicated energy department also questions the idea of public ESCOs. unattractive payback period 67% don t have a dedicated budget for energy efficiency 60% don t use ESCOs due to a lack understanding ESCO/EnPC project development resources does not exist in-house and is not economic in-house for clients Long project cycles of 5-10 years external consultants more efficient and experienced intracting underwhelming (resource/budget limitations) 4

5 Example of underinvestment in Ukraine School No Address of the school Total annual cost for energy (EURO) Heat source СЗШ 64 ул. Петрозаводская, 377, АНД РОО 15, Own boiler house from 1994 СШ 115 ул. Передовая, 427, АНД РОО 38, Own boiler house from 1996 ДНЗ 209 вул. Одоєвського, 30, Бабушкинский РОО 26, Own boiler house from 1980 НВК 51 ул. Алтайская, 4а, Красногвардейский РОО 26, Own boiler house from 1955 СШ 65 ул. Амбулаторная, 2 Красногвардейский РОО 24, Own boiler house from 1953 СШ 9 ул.мостовая, 3 Кировский РОО 37, Own boiler house from 1957 СШ 4 Вул.Гірська,30а Ленинский РОО 27, Own boiler house from 1960 СШ 72 Вул.Жовтенят,42а Ленинский РОО 37, Own boiler house from 1976 СШ 77 Вул.Нестерова,29 Ленинский РОО 24, Own boiler house from 1937 СШ 103 Вул.Доблесна,164 Ленинский РОО 59, Own boiler house from 2000 СШ 87 ул. Живописная, 55 Самарский РОО 36, Own boiler house from 1997 СШ 110 ул. Воспоминаний, 177 Самарский РОО 21, Own boiler house from 1986 СШ 23 пр.к.маркса, 14 Жовтневий РОО 36, Own boiler house from

6 EnPC address entire efficiency value chain Operating buildings all public building owners do it ensuring supply of primary and secondary energy sources Operating building technology (BT) Optimised operation few public building owners energy controlling: collecting energy data, analysis and optimisation operations developing clear operational instructions and manuals advising staff maintaining BT Efficiency investments very few public building owners Detailed analysis multi-annual efficiency investment plan Plan for optimised operations ESCO/Energy Performance Contracting (EnPC/EPC) focuses on this and optimised operations 6

7 Distinguishing EnPC from other energy services Energy Performance Contracting (EnPC) Procurement of works and services on basis of NPV Contents: system analysis, (pre-)financing, design, implementation & optimised operation of entire building, controlling Payments based on achieved savings Requirement: long, stable use of building and stable consumption Ideal application: public buildings Energy Supply Contracting (ESC) Procurement on basis of fixed price per consumed energy unit (plus additional base price) Contents: planning, financing, implementation of usually one process (e.g. heating system only or pressured air in industry etc.), operation Requirement: sufficiently high demand or agreed price per kwh Usual application: commercial property (heat) or industry (different secondary energy forms) Payments based on pre-agreed price per delivered per kwh 7

8 Energy Performance Contracting (EnPC or EPC) Absolute Energy costs per public building Saved energy costs, used for repaying efficiency investment (ESCO) EnPC efficiency investments* End of EnPC project Energy costs savings of public building owner (approx %) * ESCO invest in public buildings (private finance and expertise) and optimisation of operation Absolute energy costs before efficiency investment Absolute energy costs after end of EnPC project year 5 10 years Time in years 8

9 Advantages of EnPC approach over traditional procurement of efficiency in public sector Advantages of ESCO projects (Energy Performance Contracting): Private sector expertise to design, implement EE investments and optimised operation Procurement based on energy performance and NPV Off balance sheet financing on commercial basis (factoring/forfeiting) As opposed to Traditional financing of EE in public sector: Clients lack expertise to design, tender and implement EE investments and operate Procurement procedure does not relate to EE performance Requires on balance sheet debt financing or large amounts of grants of either ESCO or client 9

10 Benefits of ESCO/EnPC approach Public sector private sector expertise for designing and implementing efficiency projects off-balance sheet investments and related relief of budget available budget/grants can be leveraged = larger projects Legislative improvements with progressive public procurement uses performance as selection criteria, budget code facilitates multi-annual projects Private sector economic activities development of new private sector activities (ESCOs) generating expertise that can be offered to private sector Banking sector generating experience in financing efficiency projects; cash flow based financing; factoring/forfeiting new, secure long term financing product 10

11 Develop ESCO market in public sector, then extend to fragmented private sector Tertiary sector (public and private buildings): responsible for 30% to 40% of primary energy consumption Public sector has advantage of: Example Turkey: street large and homogeneous asset stock (e.g. schools) lighting, operated by distribution companies, bill paid by Treasury, 10 significant energy saving potentials of up to 40% regions account for 50% simple pilot projects for market development, e.g. street lighting: of street lighting in Turkey (1) standard 1.9 technology, TWh (2) clear baseline, (3) high savings and consumption, 40% savings ~ EUR 70 short payback period, (4) clear ownership structure mn/annually potentially clear procurement mechanism Initiating ESCO market development in public sector opens large market and generates experience and trust of actors 11

12 EnPC market potential in Romania Example of ducational buildings Mayor of London launched 2011 ESCO/EnPC programme RE:FIT: 50 mn budget for on-balance sheet financed EnPC through ESCOs Pilot project in 42 public buildings: 28% savings, 7 year payback, 1 mn annual savings Portugal: off-balance sheet financed EnPC programme through ESCOs EUR 500 mn energy costs annually 11,000 energy feeding points EnPC tender to start 2Q2012 Assumption of EUR 66,000 capex per building, based on energy audits in 39 buildings #4: 722 buildings / MEUR 50 = 0.1% of total educational building stock #5: 72 buildings / MEUR 5 = 0.01% of total educational building stock 12

13 Example of German ESCO Market Enabling legal framework, financing and project development German: one of largest and most mature ESCO markets (1) Pioneer market in Energy Services with stable growth Total revenues in 2008: more than 2 billion Euros More than 100,000 projects Number of ESCOs: (1) Joint Research Centre (JRC), Energy Service Companies Market in Europe Status Report

14 Perceived barriers by actors in all countries Banks perspective ESCO projects considered as small and risky, therefore: Forfeiting/factoring currently not offered (no off balance sheet financing) High level of collateral required ESCO perspective Clients lack project development resources Long term financing is not available and ESCOs cannot finance with long term debt Tender procedures and legal framework are perceived as unclear Lack of M&V protocols, and unstable customers Public client perspective Lack of awareness and information Lack of expertise for developing ESCO projects Lack of budget funds A perceived lack of instructions for ESCO project implementation (procurement, budget code, Third Party Financing) 14

15 EBRD EnPC programme tackles barriers IFIs well positioned for developing ESCO market Support ESCO/EnPC project development: Identification, preparation, tender, implementation, monitoring of savings Informing ESCOs about tender mechanism Create formally approved and balanced commercial contract Initially direct credits to ESCOs In parallel, supporting creation of dedicated off-balance sheet (off-debt) financing mechanism in CEE and CIS Supporting project development and risk assessment Providing long term funding to dedicated financing mechanism Create ESCO/EnPC enabling framework: procurement budget code Make EnPC fully admissible and its use flexible (treated offbalance, allow forfeiting/factoring, individual EnPC projects admissible (no need for feasibility study), functional tendering, multiannual budgeting, consortium/subcontracting possible, accounting treatment) 15

16 Financing structure for Dnipropetrovsk EBRD Guarantee Long term loan and repayment City of Dnipropetrovsk 100,000 receivables Financing vehicle Vehicle will be eventually replaced by commercial banks, once the market is established Bank B EnPC project (5 years, 140,000 contractual value) ,000 investment 2. operations Performance based payment of 40,000 90,000 to ESCO for purchase of receivable ESCO 100,000 short term loan investment needs, repaid after forfeiting, Bank A 16

17 EBRD developing ESCO markets 2007 Bulgaria: 7 mln ESCO fund for financing projects 2008 ongoing Russia: US$9 mln GEF grant to fund public sector ESCO programme 2010 ongoing Romania and Bulgaria: developing structured financing mechanism for off balance sheet efficiency investments in public sector (CRM for 10 mln Romania) 2011 Romania: 10 mln credit to local ESCO 2012 Ukraine: ESCO project with city of Dnipropetrovsk with first tenders in 2H/2012 (SRM for 20 mln next week) 2012 Poland: developing with Polish Energy Agency creation of dedicated ESCO financing mechanism in 2012 (EBRD mln) 2012 Western Balkans: discussion with EU and region the creation of a dedicated ESCO financing mechanism 2012 Turkey: Presenting ESCO potential and barriers to Energy Minister with >120 banking community, ESCOs, Treasury, MinFin etc. 17

18 Thank you for your attention! EBRD Toivo Miller Principal Product Developement Manager Energy Efficiency and Climate Change EBRD London HQ, UK Tel:

19 Additional Slides 19

20 Policy dialogue creating EnPC enabling framework a. EnPC as concept is admissible; b. EnPC payments to ESCOs can be part of the budget plan over a number of years (i.e. current energy units of baseline year at current tariff will be available for paying ESCO throughout the project duration, despite there being savings); c. EnPC investments and subsequent future payment obligations are not counted as public debt (not considered as credit-like transactions, even though there might be a budgetary provision for them); d. forfeiting is admissible for re-financing these EnPC investments (what safeguards, conditions are there?); e. individual EnPC projects do not require up-front feasibility studies but the concept as such is admissible; f. there is no need for providing an economic detailed analysis why EnPC can be used, rather than traditional procurement mechanisms; g. competitive and functional tendering is admissible (energy performance as selection criteria and not only the lowest investment); h. multi annual budgeting; i. budgetary treatment (operational savings of the energy cost budget title can be used for paying the investments); j. possibility of tenderers being a single company or consortium and the possibility of subcontractors being used. 20

21 EnPC procurement allows allocation of risks to most suitable actor (unlike conventional procurement) Technical risk ESCO Design and related energy savings guarantee Operational risk ESCO Optimised operations for ensuring energy savings Economic/commercial risk ESCO EE investments need to generate savings Risk of use of building building owner Risk of fluctuating energy prices building owner ESCO cannot bear theoretical risk of decreasing prices and related savings Risk of project preparation/management building owner Building selection, baseline, tender documents, quality control, monitoring 21

22 IFIs/national development banks most prepared agent for creating ESCO/EnPC enabling framework Project level risk addressed with TA Selection of appropriate buildings for EnPC efficiency measures Reliable energy baseline, correct and detailed data in tender documents Expertise/knowledge for preparing EnPC tender, tender execution, selection of ESCO and monitoring of savings Appropriate project size (bundling of several buildings) Country and political risk mitigated with Policy Diaglogue Political support at high level and amongst building owners Technical standards and norms Reliable and enabling legal framework, i.e. procurement, budgeting, securities, forfeiting and appropriate/transparent risk allocation (EnPC contract), EnPC not to be considered as public debt, re-allocation of savings to ESCO-payment Market risk price of conventional energy to be considered Economic and financial IFIs bread and butter Appropriate terms for addressing currency risk, inflation etc. 22

23 Energy prices in Ukraine /kwh Energy Prices 0,09 0,08 0,07 Electricity (kwh) Heat - Municipal (kwh) Heat - Industry (kwh) Natural Gas (kwh) 0,06 0,05 0,04 0,03 0,02 0,01 0,

24 EnPC contract EnPC contract.doc 24

25 Our tasks in a nutshell New EnPC market Different uncertainties exist, which are perceived as risks ESCOs and building owners will only enter into contractual commitments for the timeframe they consider secure and controllable. Length of tenor determines the investment amount and related savings Market development Mature markets Experienced actors, established relationships, solid track records, therefore fewer perceived risks This results in: longer projects durations, higher investments per building, less transaction costs, more savings EnPC is treated off-balance sheet National EnPC project developing consultants Increased competition amongst ESCOs on savings 25

26 The Carbon Abatement Curves: Cost-Efficient Technologies for GHG Reduction Carbon markets to facilitate these technologies Technical Assistance to overcome implementation barriers 26 Economic efficiency and capital expenditure are two major criteria for technology choice

27 Energy Service Companies Materialize the saving potential at some sectors What is an Energy Service Company (1)? 'energy service' means the physical benefit, utility or good derived from a combination of energy with energy efficient technology or with action, which may include the operations, maintenance and control necessary to deliver the service, which is delivered on the basis of a contract and in normal circumstances has proven to result in verifiable and measurable or estimable energy efficiency improvement or primary energy savings 'energy performance contracting' means a contractual arrangement between the beneficiary and the provider of an energy efficiency improvement measure, according to which the payment for the investment made by the provider is in relation to a contractually agreed level of energy efficiency improvement or other agreed energy performance criterion, such as financial savings; World Outlook on Energy Services Companies Different types of services and contracts: Europe most used is Energy Supply Contract and in the USA is Energy Performance Contract. ESCO revenues in USA: over 7 billion Dollars in 2011 ESCO revenues in Europe: over 8 billion Euros in 2010 (three main markets: France, UK and Germany) ESCO markets are a growing market worldwide, even in the actual economical situation Private and Public Tertiary Sector targeted markets for ESCOs Existing and new efficiency technologies are available for the renovation of old installation: LEDs or CFL for lighting, high performance boilers and chillers for climatization, speed variables and electrical motors, intelligent control management systems, etc. A great potential to be achieved due to the large stock of old installations Measurement and Verifications Protocols available and relatively easy to implement (1)Proposal for a Directive on Energy Efficiency and repealing Directives 2004/8/EC and 2006/32/EC. COM (2011) 370 final (22/06/2011) 27

28 Baseline: Measurement & Verification cont. Has to be based on actual consumption and corresponding energy costs MV activities must not be expensive Ideally, should include all saving aspects (equipment, operation, users) All this is combined in Utility Data Analysis/Energy Baseline However requires correct meters and appropriate tariff system (per kwh, not per net heated area) 28

29 EPC Fund Mechanism (1) City Authority EBRD FUND 100,000 EP C Engineering Firm 100,000 Bank 29

30 EPC Fund Mechanism (2) City Authority EBRD 5 million 10 million FUND 15 million Payment over 5 years EP C 110,000 for purchase of receivable Engineering Firm 100,000 repayment of loan Bank 30

31 EPC Fund Mechanism (3) City Authority EBRD 5 million 10 million FUND 15 million Payment over 5 years EP C EP C EP C EP C 110,000 for purchase of receivable Engineering Firm Engineering Firm Engineering Firm Engineering Firm 100,000 repayment of loan Bank 31

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