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EnergyEnergy
Financing Energy EfficiencyTowards 2020 and beyond
Dr. Tóth András György
Európai BizottságEnergiaügyi FőigazgatóságEnergiahatékonyság Osztály
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OUTLINE
• 2020 Challenges
• Implementation of the existing framework
• Making energy efficiency „investible“ – ensuring the access to affordable and properly designed finance
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Energy Efficiency 2020 target
Growth & Jobs benefits of EE:
•Emissions & carbon intensity reduction
•Energy security & competitiveness improvement
•~17 jobs per €1m invested
•€1 investment generates €2-5 in public revenue (reduced unemployment benefits, increased fiscal revenue)
•Labour intensive activities (mostly in building sector)
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Energy performance of buildings Directive• Minimum energy performance requirements• Energy Performance Certificates • Nearly zero-energy buildings• Certification and inspections
Eco-design and Energy Labelling Directives• Minimum performance requirements on products
24 measures adopted so far: electrical motors, fans, light bulbs, washing machines…
• Labelling
Energy Saving Directive• Indicative 9% EE target by 2016• National EE Action Plans (NEEAPs)
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Current EU Regulatory Framework
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A new Energy Efficiency Directive
• Creating benefits for consumers• National energy efficiency obligation scheme for utilities (1.5%
saving obligation)• Smart metering• Ensure accuracy & frequency of billing based on actual
consumption• Provide appropriate information with the bill
• Energy efficiency in transmission and distribution of energy
• Network tariffs• Monitoring of efficiency levels of generation installations• Priority Access for CHP
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• Public sector to lead by example• Procurement of high energy efficiency products, services and
buildings• Annual renovation rate of 3% of central buildings above 250 m2
• Local energy efficiency plans/Renovation roadmaps• Introduction of energy management systems• Use of Energy Performance Contracting
• Involvement of the private sector• Incentives for SMEs to undergo energy audits• Mandatory audits for large companies
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• Timely transposition and effective implementation key • Interpretative notes addressing the key provisions of the
EED:• Article 5: renovation of central government buildings• Article 6: public procurement• Article 7: energy efficiency obligations (or alternatives)• Article 8: energy audits and energy management systems• Articles 9-11: smart metering and billing• Article 14: energy efficiency in district heating and cooling• Article 15: grids and demand response issues
• Intense schedule of Member States' Committee meetings since September 2012.
Priority #1: implementation
EnergyEnergy*preliminary data; Table available at: http://ec.europa.eu/energy/efficiency/eed/reporting_en.htm
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Priority #2: financing
• Energy savings targets across sectors require investment of around € 850 billion (2011-2020)
• Around € 85 billion per year
• Buildings take lion’s share of ~ € 60 billion/year
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Current EU Financial Support to EE• Cohesion policy funds (2007-2013):
• 5,1 billion € for energy efficiency (up to 8 billion € if all MS re-allocate 4% for housing under ERDF)
• Intelligent Energy Europe Programme (2007-2013):• 735 million € distributed for ‘soft’ energy efficiency / renewables projects• Capacity building, awareness raising, best practices sharing
• ELENA Facility:• 97 million € still available for technical assistance to mobilise investments• To scale up projects and reduce transaction costs and support Project
development phases
• European Energy Efficiency Fund (EEE-F):• 265 million € for investments into mature, bankable efficiency/renewables
projects (195 million € still left)• 20 million € for technical assistance• Role model projects, leverage effect, EPC support…
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A new Multiannual Financial Framework MFF 2014-2020
• Cohesion funding to allocate min. 23 billion € to EE/RES and urban transport (doubling current allocations)
• Horizon 2020: 5.6 billion € is to be allocated to research and innovation in "Secure, clean and efficient energy"
Will include an IEE-type follow-up programme
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A new approach to sustainable investments
•MFF in line with EU 2020 strategy: "smart, sustainable & inclusive growth"
• Conditionality: implementation of relevant EU legislation
• Cohesion policy Thematic concentration: shift to a competitive low carbon economy
• Public authorities to pave the way (public building renovation, use of EPC…)
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'Traditional' implementation structure
Grant support• Ex-post reimbursement • For projects or project
components without revenue-generating capacity
• One-off support
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GrantsGrants
Managing AuthorityManaging Authority
Final recipientsFinal recipients
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EU Funding: more value for money
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. Attract & leverage funds from private investors
. Big bulk of EE/RES investments should come from private sector
. Using market mechanisms to avoid crowding out investors and increase leverage
. Financial Instruments and Energy Performance Contracting
. Grant to address primarilly market failures, innovation and beyond cost-effective EE projects (deep renovation)
. Increase quality of project selection and financing processes: Guidance to be finalised in November
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Innovative Financial Instruments
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•MS as encouraged to make better use of ESI Funds through the set up of FI (leverage private funding, provide market incentives..)
•"Off the shelf" instruments: standard terms and conditions for predefined FI to be set up/implemented by MA on:
• Procurement rules• State Aid compatible• Min. technical and legal requirements
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Public banks & institutional investors
The EEE F: a new EU Financial Instrument
Public financial institutions
Junior/FLP - C Shares €Junior/FLP - C Shares €
Mezzanine - B SharesMezzanine - B Shares
Senior – A SharesSenior – A Shares
NotesNotes
EU
EIB, CDP, Deutsche Bank
Size at first closing € 265m Target Up to € 700m
Institutional investors
EIB, CDP
€ 125m
€ 23m
€ 117m
• Address specific needs of commercially viable EE and RES projects • Final Beneficiaries are local/regional public authorities • Senior/junior/convertible debt, equity, guarantees, forfeiting loans (supporting
EPC)• Technical assistance 20M€ (grant) for project development services
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'Financial instruments' implementation structure
Holding Fund (HF)Holding Fund (HF)
Managing AuthorityManaging Authority
Fund / Financial Intermediary
Fund / Financial Intermediary
Fund / Financial Intermediary
Fund / Financial Intermediary
Final recipientsFinal recipients
Financial products
Final recipientsFinal recipients
Financial products
Co
-fin
anc
ing
Ad
dit
ion
al
reso
urc
es
Operational Programme / public policies / resources
Market situation & appropriate promotional instruments 17
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What is Energy Performance Contracting?
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Example 1: Jewish Museum Berlin (1)• Financing structure:
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Example 1: Jewish Museum Berlin (2)
Measures:•buildings upgrade, energy efficiency
Results:•Reduction of CO2 emissions 1,812t p.a. approx. 55% compared to baseline•Guaranteed energy savings €294,327 p.a. (43.2%)
Highlights:•Pilot project with the forfeiting structure•Attractive investment instrument to support advanced projects•Winner of European Energy Service Initiative's Award
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Example 2: London ReFit (1)
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• Financing structure:
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Results:•£78m investments•CO2 reduction: 60,000t p.a.•680 public sector buildings for 56 organisations•£2,1m annual energy bill savings since 2008
Highlights:•High market replication potential
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Example 2: London ReFit (2)
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Thank you for your attention !
andras.toth@ec.europa.eu
For further information on energy efficiency please consult our website:
http://ec.europa.eu/energy/efficiency/
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