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1 The Internet of Things - Opportunity or Threat for the Utility Sector? David Dollihite, Moderator Specialist Leader, Deloitte Consulting LLP Val Jensen Senior Vice President Customer Operations ComEd Jim Steffes Senior Vice President and Retail Regional President, Northeast NRG Energy, Inc. Rob Harmon President and CEO EnergyRM
2 Meter Energy Efficiency: Ending the Utility Death Spiral Rob Harmon President and CEO EnergyRM
3 Problem: Utility Economics (IOUs)
4 Problem: Utility Economics (cont.) Energy efficiency currently represents utility red ink Utilities earn on investments like generation Traditional EE = Negative sales = Lost revenue = Lost investment
5 Problem: Utility Economics (IOUs)
6 Problem: Utility Economics (IOUs) Energy Efficiency and Distributed Generation Could have a major impact on -realized equity returns - required investor returns & -credit quality
7 Solution: Make EE = Generation 1. Meter it 2. Buy and sell it just like generation
8 A New Approach The Metered Energy Efficiency Transaction Structure: MEETS
9 ... a Power Plant COMMERCIAL BUILDING Regular Tenants Pay energy bill: (kwhs) Utility Bills for All Metered kwhs Building/Tenant Pays Energy Bill Conventional Utility Meter UTILITY POWER PLANT Builder/Owner Site tenant Puts in improvements Sells yield to Utility Maintains Performance LAND OWNER Receives lease payments kwhs Investment to Build Power Plant (Requires a PPA) kwhs Investment PPA for kwhs Power Plant Builder/Owner $-Returns Project Investors Equity & Debt
10 MEETS: A Building is a Power Plant COMMERCIAL BUILDING Regular Tenants Pay energy bill: (kwhs) MEETS POWER PLANT Energy Operator POWER Site tenant PLANT Puts in improvements Sells EE yield to Utility Maintains Performance Builder/Owner Building Owner Site tenant Puts Receives in improvements lease payments Sells And reduced yield to Utility capital Maintains improvement Performance spending And Increased building value LAND OWNER Receives lease payments Conventional DeltaMeter Utility Meter kwhs Utility Bills for All Metered kwhs Including the DeltaMeter kwhs Building/Tenant Pays Energy Bill Dynamic Baseline Utility Meter Investment to Build Power Plant (Requires a PPA) kwhs Investment UTILITY PPA for kwhs Power Plant Builder/Owner $-Returns Project Investors Equity & Debt
11 MEETS: A Building is a Power Plant COMMERCIAL BUILDING Regular Tenants Pay energy bill: (kwhs) MEETS POWER PLANT Energy Operator POWER Site tenant PLANT Puts in improvements Maintains Performance Builder/Owner Building Owner Site tenant Puts Receives in improvements lease payments Sells And reduced yield to Utility capital Maintains improvement Performance spending And Increased building value LAND OWNER Receives lease payments Conventional DeltaMeter Utility Meter kwhs Utility Bills for All Metered kwhs Including the DeltaMeter kwhs Building/Tenant Pays Energy Bill Dynamic Baseline Utility Meter kwhs UTILITY Ratebased, long-term capital deployed on customer premises for energy efficiency yield
12 Seattle City Light Pilot Bullitt Foundation Building Living Building Challenge Funding Support for Baseline and meter process: NW Energy Efficiency Alliance Billing interface (automated) OregonBEST Terms 20 year agreement PPA price is retail plus standard incentives Building pays retail (for both used and saved units) Energy yield from efficiency metered by DeltaMeter Parties: Bullitt Foundation is Investor and EnergyTenant Bullitt Subsidiary is Building Owner/Master Tenant Commercial Tenants Occupy Most of the Building Seattle City Light: Jorge Carrasco Bullitt Foundation: Denis Hayes
13 MEETS Benefits Utility New Load Management Resource Location-Specific and Reliable Only Pay for Units Received Rate-baseable: Earnings Opportunity No revenue loss Investors Finance Based on Utility PPA Strong Counterparty Lower and Rated Payment Risk Well-Understood Instruments Scale Through Aggregation DeltaMeter Building Owner New 20 to 30 Year Tenant New Revenue Stream Increased Building Value Frees Up Capital Owner Stays Out of Energy Business Society Domestic Jobs Environmental Benefit Enhanced Building Stock Price Stability No Tax Dollars Required
14 More information MEETS The Metered Energy Efficiency Transaction Structure MEETS AC The MEETS Accelerator Coalition
15
16 Questions?
17 The Internet of Things - Opportunity or Threat for the Utility Sector? David Dollihite, Moderator Specialist Leader, Deloitte Consulting LLP Val Jensen Senior Vice President Customer Operations ComEd Jim Steffes Senior Vice President and Retail Regional President, Northeast NRG Energy, Inc. Rob Harmon President & CEO EnergyRM
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