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Transcript of 27 BCR Erste
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2October 14Financing Medium and Long Term Energy Security for a Low-Carbon Economy
1. Erste Group / BCR & Our Energy Infrastructure Finance Competence
2. Europes Energy Strategy
3. Romanias Renewable Energy
4. Romanias Energy Efficiency Potential
Agenda Bucharest Energy Forum
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Profile Banca Comerciala Romana
Banca Comerciala Romana (BCR) was established in 1990
Taking over the commercial banking operations of the National Bank of Romania
BCR is the most important financial group in Romania - currently manages assets ofover EUR 15bn, has over 3.2 million customers, and is the market leader with over18% market share
BCR is the most valuable financial brand in Romania, according to level of customertrust and number of clients who mainly bank with BCR.
From 2006 BCR became a member of Erste Group
Erste Group was founded 1819 as the first Austrian savings bank.
Since 1997 Erste Group has developed into one of the largest financial servicesproviders in Central and Eastern Europe
46,000 employees, 16.5 million clients, 2,900 branches in 7 countries
BCR brand
Integrationinto Erste
Group
Commitmentto Romania
Erste Group has invested so far more than EUR 7.5 bn in Romania, through BCR and
as direct investments in Romanian commercial exposureBCR has doubled the volume of its outstanding loan portfolio since 2006 and has beenthe main supporter of the Prima Casa program (60% market share for Prima Casa 4)
Financial results as of FY2013 - Erste Group posts net profit of EUR 61 million
October 14 3Financing Medium and Long Term Energy Security for a Low-Carbon Economy
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Group Infrastructure FinanceEnergy and Environment infrastructure targeted
October 14Financing Medium and Long Term Energy Security for a Low-Carbon Economy
Wind Parks PV plants Biomass/Biogas
Oil/Gas Generation Electricity Networks Transmission Systems
Public Systems Waste Treatment
Hydro Plants
Water TreatmentWaste Management
Energy Effici
ency
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5October 14Financing Medium and Long Term Energy Security for a Low-Carbon Economy
Agenda Progress report
1. Erste Group / BCR & Our Energy Infrastructure Finance Competence
2. Europes Energy Strategy
3. Romanias Renewable Energy
4. Romanias Energy Efficiency Potential
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Low Carbon Emissions20-20-20 targets
6October 14Financing Medium and Long Term Energy Security for a Low-Carbon Economy
20% reduction in CO 2 emissions compared
to 1990 levels 20% of EUs energy consumption to come
from renewable energy sources (RES)
20% reduction of primary energy demand
by increasing energy efficiency
increase EUs energyindependence
combat climate change
strengthen EU competitiveness
The Energy Efficiency Directive (EED)
The Energy Efficiency Directive (EED 2012/27/EU) adopted on 25 October 2012 has to be transposed by allMember States (MS) by the beginning of June 2014 ;
Common framework of measures for achieving the Unions 2020 20 % headline target on energyefficiency;
Member states are on their way to accomplish the national indicative target of 9% reduction of finalenergy consumption by 2016 as it was requested under the ESD 2006/32/CE, which represents a lessambitious objective than the 20% level adopted in 2012.
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New EU Energy Security Strategy Released on 28 May 2014
7October 14Financing Medium and Long Term Energy Security for a Low-Carbon Economy
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8October 14Financing Medium and Long Term Energy Security for a Low-Carbon Economy
Agenda Progress report
1. Erste Group / BCR & Our Energy Infrastructure Finance Competence
2. Europes Energy Strategy
3. Romanias Renewable Energy
4. Romanias Energy Efficiency Potential
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Energy Efficiency A Global and European Priority
October 14 9Financing Medium and Long Term Energy Security for a Low-Carbon Economy
Energy Efficiency is key part of EU 2020 strategy ;
The Energy Efficiency Directive (2012/27/EU) recently approved imposes energysaving obligations to Member States;
Energy efficiency obligation schemes or policy measures in all Member States
Exemplary role to be played by the public sector
The Cohesion Policy proposals for 2014 -2020 allocate a significant amount offunding to Energy Efficiency;
ELENA, The four Js (Jeremie, Jaspers, Jessica, Jasmine), EEEF (European EnergyEfficiency Fund), etc. to support investments in Energy Efficiency ; EnergyPerformance Contracting (EPC) Campaign started by DG Energy;
EBRD, EIB, IFC have all started Energy Efficiency Initiatives.
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Energy EfficiencyDecoupling economic growth from energy consumption
October 14 10Financing Medium and Long Term Energy Security for a Low-Carbon Economy
Annual renovation target of 3% for APC (and possibly for APL) buildings above500m (starting 01.2014) and above 250m (starting 07.2015). Cost optimal renovation can bring up to 60% energy savings. Share of public building in building stock accounts to 12%.
Renovation ofPublicBuildings
Until 31.12.2015, the newly established ANEE & ANRE will evaluate the national
potential for the application of efficient cogeneration, heating & cooling togetherwith a cost-benefit analysis, for identifying the most efficient solutions. If the analysis will prove the benefits exceed the costs, the competent authorities
will take measures to promote the development of such infrastructure.
High EfficiencyCogeneration
& EfficientHeating/Cooling
Mandatory energy audits for companies (except SMEs) with an annual energyconsumption of over 1000 toe.
Development & promotion of ESCO companies. Creation of the Energy Efficiency Investment Fund with revenues form EUA
auctions for funding Energy Efficiency projects.
AlternativePolicyMeasures
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Energy Performance Contracting (EPC)in the Public Sector
October 14 11Financing Medium and Long Term Energy Security for a Low-Carbon Economy
About 30%-40% of primary energy consumption comes from public and private
buildingsPublic sector advantages
- Large and homogenous asset stock (e.g. schools, hospitals, etc.)
- Significant energy saving potentials of up to 40% due to underinvestment and operationalinefficiencies
- Simple pilot projects for market development (e.g. street lightning: 1. stable demand; 2. clearbaseline; 3. high savings and short payback period; 4. clear ownership structure)
- Potentially clear procurement mechanism
ESCO market development in public sector opens up large markets andgenerates experience and trust in actors
ESCO/EnPC project development resources are not available in-house formunicipalities
If funds/grants are available: leverage by co-financing EnPC and finance in particular efficiencymeasures with long, commercially unattractive payback period
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Energy Performance Contracting (EPC)
Energy Performance Contracting (EPC)
- 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; Ideal application: public buildings
October 14 12Financing Medium and Long Term Energy Security for a Low-Carbon Economy
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Advantages of EPC/ESCO approach
October 14 13Financing Medium and Long Term Energy Security for a Low-Carbon Economy
ESCO
Private sector expertise to design, implement EEinvestments and optimised operation
Procurement based on energy performance or NPV
Off balance sheet financing on commercial basis
Advantages of ESCO projects
Tradditional financing of EE in
public sector Lack of expertise to design, tender and implement EEinvestments and operate optimally
Procurement procedure does not relate to EE performance
Requires on balance sheet debt financing or large amountsof grants
EnergyTransformation
EnergyTransport
Energy UseEnergySource
Fuel Switching to cleaner andcheaper energysources (naturalgas, renewableenergy)
Self-generationof electricity and/orheat throughefficient boilers andgenerators
Minimization ofenergy losses(heat recovery, heatexchangers,insulation, variablespeed drives,business processoptimization,automatic controls,metering devices)
Energy efficientequipment(lighting, airconditioning,refrigeration andother domesticappliances,industrialproduction lines,etc.)
Addressing the entire efficiency value chain
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Energy Service Companies (ESCOs)
World Outlook for Energy Services Companies
- ESCO markets are a growing market worldwide
- ESCO revenues in Europe > over EUR 8bn in 2010
New EnPC markets
Legal uncertainties which are perceived as
risks
Limited contract timeframes
Limited investments => limited savings
Limited BS of ESCO companies
Limited understanding & willingness to
invest by both banks and equity providers
Mature markets
Tested legal framework
Longer tenors
Significand investments =>
unlocking the full savings potential
Well developed ESCO companies
Interest of equity and debt
providers to invest
October 14
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Energy Efficiency Projects
October 14 15Financing Medium and Long Term Energy Security for a Low-Carbon Economy
Financing Energy Efficiency Projects
EED preamble Member States should encourage the use of financing facilities to further the objectives ofthis Directive ;
Romanian authorities have engaged in finding solutions to develop and implement innovative and smart financingmechanisms for available funding sources (private, EU, banks), such as the development of an ESCO market anda suitable mechanism for the functioning of EE business.
Project specific risks
Lack of project standardization / Lack of track recordWhich components? Street lightning? Publicbuildings? Energy Management?KPIs?
Lack of supporting regulatory framework / clarityConcessions? Acquisition of public services?Payments to ESCO: operational expense orinvestment?
Limited public sector support due to limited additionalindebtedness potential
Lack of collateral coverage
ESCO specific risks
ESCOs assumes both performance and the underlyingcustomer credit risk if the customer goes out ofbusiness, the revenue stream from the project willdirectly impacted, putting the service provider at risk
ESCOs financing may give raise to leveraging problemsfor the service provider, as it may become too indebtedat some point
Various guarantee schemes arebeing discussed with IFIs
Projects bankability under question
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Team and Contacts
Ioana GheorghiadeBanca Comerciala Romana
Public Sector and Infrastructure Finance Executive DirectorBucharest, 15 Calea Victoriei, 3 rd District
Tel.: +40 373 516 517Mobile: +40 731 042 [email protected]
Cristina GhimbovshiBanca Comerciala Romana
Head of Infrastructure and Specialized LendingBucharest, 15 Calea Victoriei, 3 rd District
Tel.: +40 373 516 653Mobile: +40 785 252 [email protected]
Mihai Dorin VoicanBanca Comerciala RomanaEnergy Infrastructure Specialized Finance ManagerBucharest, 15 Calea Victoriei, 3 rd District
Tel: +40 373 516 525Mobile: +40 733 040 [email protected]
Oana Roxana MogoiBanca Comerciala RomanaEnergy Infrastructure CoordinatorBucharest, 15 Calea Victoriei, 3 rd District
Tel.: +40 373 516 524Mobile: +40 726 168 [email protected]
Sebastian Mihai StancuBanca Comerciala RomanaEnergy Infrastructure Financing ExpertBucharest, 15 Calea Victoriei, 3 rd District
Tel: +40 373 515 571Mobile: +40 784 242 [email protected]
Raluca Georgiana BadauBanca Comerciala RomanaEnergy Infrastructure Specialized Finance ManagerBucharest, 15 Calea Victoriei, 3 rd District
Tel: +40 373 515 597Mobile: +40 784 240 [email protected]
mailto:[email protected]:[email protected]:[email protected]:[email protected] -
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Page 1708/10/2014
EE/EM forMunicipalities in
CEE
ANNEX
Examples of EE technologies (1)
SectorPotentialBorrower
Energy Efficient Equipment
INDUSTRIAL Industrial companies,SMEs
Energy efficient machinery and production lines Waste heat recovery devices High efficiency electrical motors and drivers Compressed air systems Electricity peak-load control systems Efficient boilers, heaters, refrigerators Fuel switching (coal/oil natural gas) Self-generation through cogeneration or RE Complex energy optimization projects
AGRICULTURE Agribusinesses Water treatment, water pumps Efficient irrigation technologies (drip irrigation) Methane capture projects On-site generation (cogen, biomass, biogas) Reforestation, sustainable habitats, eco-farming
COMMERCIAL Commercial buildings,retail shops, officesbuildings, industrial
buildings, etc.
Efficient lighting Efficient Air-conditioning Heating and ventilation equipment Control and metering systems Electricity peak-load control systems Heat pumps, solar water heaters Sustainable construction
Compact fluorescentlamps
Solar water heaters
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Page 1808/10/2014
EE/EM forMunicipalities in
CEE
ANNEX
Examples of EE technologies (2)
SectorPotentialBorrower
Energy Efficient Equipment
RESIDENTIAL Households and privateindividuals
Energy efficient domestic appliances Lighting, refrigeration, air-conditioning Fuel switching to natural gas for cooking Sustainable construction Green mortgages
TOURISM Hotel and othertourism business
operators
Efficient air conditioning Efficient refrigeration Efficient lighting Energy and water efficient laundry equipment Sensors and automatic controls for consumption
management Building insulation Natural gas boilers for heat productions (hot water,
kitchen, laundry); Heat recovery devices for hot water; Self-generation through cogeneration or RE
TRANSPORT Public transport
operators, taxi drivers,transport companies
Hybrid cars Electric vehicles Mass transport (e.g. Rapid bus transit)
Insulation material
Domestic appliances