Le nuove norme allo studio sugli EPC a livello europeo

Ettore Piantoni Comat S.p.A.Coordinatore CT 212 “Uso razionale e gestione energia” del CTI

Convenor CEN CENELEC JWG 3 “Energy Management and related services”

Antonio Panvini – CTI

FIRE Bologna 11 ottobre 2017

Obiettivi della presentazione

I

II

III

I progetti di efficienza energetica e gli EPC

Le necessita degli stakeholder• strumenti normativi• strumenti di mercato

I prossimi passi dell’attività normativa

Quanto è grande il mercato?

(1) Fonte: G20 Energy Efficiency Investment toolkit June 2017

I

USD 221 bn USD 24 bn

ESCO self financed

Barriere di mercato (1)

(1) Fonte: guaranTEE Building Energy Services in Europe: Aprile 2017

I

Gli standard come criteri di finanziabilità deiprogetti – la gestione del rischio

cti@cti2000.it

I

Progetti di efficienza energetica

Il valore viene generato nella fase di diagnosi e viene realizzatoattraverso il piano di misura e verifica che normalizza ed attesta nel tempo le reali prestazioni ottenute:• miglioramento dell’efficienza energetica (EnPI)• cash flow dell’iniziativa (€)

Il valore generato può anche includere altri benefici non energetici che possono migliorare al cash flow dell’iniziativa

Vengono eseguiti investimenti (Capex) per la riduzione dei costi operativi (Opex). In alcune situazioni il valore dell’asset può aumentare

Gli Energy Performance Contract (EPC) o contratti a prestazione energetica garantita sono una forma contrattuale che garantisce il miglioramento dell’efficienza energetica del progetto

Gli investitori richiedono certezze sul cash flow generato ed una valutazione del rischio

I

Standards toolkit for Sustainable Energy Efficiency Projects

AuditBaseline

EE Improvement evaluation Borrower

ConstructionCommissionin

g

Measurement &Verification

Value creat ion Value chain enabling Value capturing

EN 16247 Energy Audit.1 General

requirements2 Buildings 3 Processes4 Transport5 Competence of

energy auditors

EN 16231 Energy efficiency benchmarking

UNI 11588 Property professional valuers

EPBD 2010/31/EU Energy Performance Certificates

ISO 50006 EMSMeasuring energy performance using energy baselines and energy performance indicators. General principles and guidance

Energy Labelling Directive 2010/30/EU

ISO 17743 General quantification methods for

ex ante or expected energy savings

TEGoVAEuropean Valuation Std

NEB: Computational method, Comparative Valuation, Willingness to pay, …

UNI CEI 11352 Energy Service Company. Minimum requirements

UNI CEI 11339 Energy Management Expert

EN 15900 Energy Efficiency Services. Definition and requirements

Lender EngineeringOperation &maintenance

Non Energy Benefits

UNI 11612Property Assets Valuation

Borrower credit worthiness

Saving to investment Ratio

Debt Coverage Ratio

Probability of Default

Loan to Value ratio

Debt to Income ratio

Financial institutionsown risk assessmentand evaluation criteria (performance and credit risks)

IS. 399 Energy Efficient Design Management

Good Engineering practices and tools: ASHRAE, EN, IEC, standards,National standards, technology provider guidelines

EXEED Designed certifies the asset has designed constructed, commissioned, operation and handover to the owner/operator

EXEED Verified Certification of an asset against measured and verified energy performance with quantified avoided energy consumption (3 yrs)

ISO 55001Asset management

ISO 15331Criteria for design management and control of maintenance services for buildings

ISO 17741General technical rules for measurement, calculation and verification of energy savings of projects

ISO 17743Energy Saving. Definition of methodological framework applicable to calculation and reporting on energy savings

ISO 50015 EMS. M&V of energy performance for organizations

EXEED Managed Certification of M&V protocol and energy performance and continual improvement (>3 yrs)

EVO IPMVP

Energy Performance Certificates

Energy Performance Contracting

Procurement contract

Maintenance contract

EN 15232 Energy Performance of building. Impact of BACs and TBMs

EN 115900 Energy efficiency Sservices

I

Holistic approach sustainable EE projects I

Energy Audit

Fin

anci

ng

Work

flow

Construction

Com

mis

sionin

g

Guaranteed Performances

Due diligenceUnderwriting Procedure

Operation

Main

tenance

Measurement Monitoring

Veri

fica

tion

Report

ing

Value generation Value Capturing+

–

EPC

Agre

em

ent

CEN/CENELEC de-risking approachAudit

BaselineEE Improvement

evaluation BorrowerConstruction

CommissioningMeasurement &

Verification

Value creation Value chain enabling Value capturing

Lender EngineeringOperation &maintenance

Make Performance Risksacceptable

Make Credit Risksacceptable Make Performance Risks acceptable

Remove uncertainty for market development success

Revisione EN 16247

Energy related

investment valuation

Requisiticontratti EPC

I

Energy efficiency Mortgages Action Plan (EeMAP)

Fonte:Sustainable Energy Investment Forum 26.9.2017 L. Bertalot EeMap

II

Energy Efficiency Mortgages Action Plan (EeMAP)

Assessment of EE ofproperty by EE expert (atbank’s instruction) &provision of EE renovationrecommendations

Renovation of property by specialised SME/ insurance

of performance riskEx post valuation of property(at bank’s instruction) Post-renovation audit by EE

expert & delivery of proof of energy performance to bank

II

EEFIG Underwriting Toolkit June 2017Recommendations

UNDERWRITINGUnderwriting is the formal process of determiningvalue and risk leading to a decision to lend orinvest. Underwriting will require the finalisation ofproject information, including more accurate costand savings estimates, as well as the procurementand contracting approach to be used (pag.41)

Financial institutions should require the use of internationally recognised standards

M&V reports should be linked to loan/investmentservicing as they can provide early warning onlower than expected performance which mayaffect viability of repayment.(pag 36)

II

Source: https://deep.eefig.eu/viewcharts/buildings

Financeability Toolbox EEFIG - DEEP

50% dei progettihanno un tempo di ritornodell’investimentocompreso neilimitidell’intervallo

80% dei progettihanno tempo di ritorno nei limitidelle barre

Mediana

II

G20 Energy Efficiency Investment Toolkit

Standardising investment processes, such asstandardised M&V, helps lower the transaction costand increases investor confidence, and is criticalfor scaling up energy efficiency investments. Inmany countries, there is presently no registeredplatform with verified information on energyefficiency projects by sector or asset typesavailable to financial institutions” (pag. 72)

Development of a common set of procedures and

standards for EE underwriting and investment processes

(pag 73).

The toolkit offers a clear and transparent framework for

negotiations between key actors (SMEs, providers, FIs) to

clearly define how project energy savings are

guaranteed. This framework reduces the risks involved in

EE projects, distributes the remaining risk to appropriate

actors, and fosters trust among them (pag 42).

II

Requisiti di mercato degli EPC da soddisfare congiuntamente

Finanziabilità dei progetti di efficienza energetica � Garanzia di risultato� gestione dei rischi tecnici della iniziativa� gestione dei rischi economici� rischio credito utente finale e fornitore di

servizi� Technical Assistance (TA)/Project

Develoment Assistance (PDA)� ESI Energy Efficiency Insurance

Stakeholders

Requisiti cogenti� D.Lgvo 115/2008� Direttiva 2012/27/EU� Dlgvo 102/2014� D.Lgvo 50/2016 (Appalti)� Altri requisiti� Codice civile 1322- 23

Requisiti contabili� International Accounting Stnds (IAS/IFRS)� IFRS 9 Financing Instruments (Environmental, Social,

Governance)� Basilea III� Eurostat (Guidance note 19.9.2017)

II

Standard per la finanza sostenibile

(1) Financing a sustainable European Economy. Interim report July 2017

II

La finanza sostenibile chiede standard integrati

(1) Financing a sustainable European Economy. Interim report July 2017

AuditBaseline

EE Improvement evaluation Borrower

ConstructionCommissionin

g

Measurement &Verification

Value creat ion Value chain enabling Value capturing

EN 16247 Energy Audit.1 General

requirements2 Buildings 3 Processes4 Transport5 Competence of

energy auditors

EN 16231 Energy efficiency benchmarking

UNI 11588 Property professional valuers

EPBD 2010/31/EU Energy Performance Certificates

ISO 50006 EMSMeasuring energy performance using energy baselines and energy performance indicators. General principles and guidance

Energy Labelling Directive 2010/30/EUISO 17743 General quantification methods for

ex ante or expected energy savings

TEGoVAEuropean Valuation Std

NEB: Computational method, Comparative Valuation, Willingness to pay, …

Lender EngineeringOperation &maintenance

Non Energy Benefits

UNI 11612Property Assets Valuation

Borrower credit worthiness

Saving to investment Ratio

Debt Coverage Ratio

Probability of Default

Loan to Value ratio

Debt to Income ratio

Financial institutionsown risk assessmentand evaluation criteria (performance and credit risks)

IS. 399 Energy Efficient Design Management

Good Engineering practices and tools: ASHRAE, EN, IEC, standards,National standards, technology provider guidelines

EXEED Designed certifies the asset has designed constructed, commissioned, operation and handover to the owner/operator

EXEED Verified Certification of an asset against measured and verified energy performance with quantified avoided energy consumption (3 yrs)

ISO 55001Asset management

ISO 15331Criteria for design management and control of maintenance services for buildings

ISO 17741General technical rules for measurement, calculation and verification of energy savings of projects

ISO 17743Energy Saving. Definition of methodological framework applicable to calculation and reporting on energy savings

ISO 50015 EMS. M&V of energy performance for organizations

EXEED Managed Certification of M&V protocol and energy performance and continual improvement (>3 yrs)

EVO IPMVP

Energy Performance Certificates

Energy Performance Contracting

Procurement contract

Maintenance contract

EN 15232 Energy Performance of building. Impact of BACs and TBMs

II

La gestione dei rischi nei contratti EPC

Garanzia di risultato (tep,€)

Minori consumi Utilities (€)

Costi operativi (€)

Investimenti (€)

Risparmi Utilities potenziali (tep)

Attese prezzo Utilities (€/kWh)

Fattore di rischio (%)

Rischio operativo (%)

Rischio normativoregolatorio(%)

Rischio tecnologico (%)

EnPI(Tep/ton) (Tep/GG)

Saving per ton prodotta (tep)

Capex (€)

Extra budget (€)

Opex (€)

Imprevisti (€)

Cash flow(€) Solvibilità (€)

Tipologie di Business e Contratti EPC

YELDCO

III

Aggregatore di progetti EPC

ESA/MESAEnergy Service

Agreements

PPA Power Purchase

Agreement Chauffage

LaaSLight as a Service

MEETSMetered

Energy Eff. Transaction

MISE - ENEACONSIP

Servizio Energia Plus

BOOT Build Own Operate

Transfer

…

EPC2012/27/UE Allegato XIII

BOOT Build Own Operate

Transfe

Obiettivo delle attività normative

Prossimi incontri

• 13 ottobre• 17 novembre

• Linee guida per Contratti EPC che attraverso utilizzo dinorme tecniche definiscono i benefici e gestiscono i rischidei progetti secondo i criteri condivisi con gli deglistakeholders (Clienti, ESCo, Istituti Finanziari, IstitutiAssicurativi, Policy Makers, Enti regolatori, ..)

III

• Economical valuation of energy related investments

• Revisione 16247

Take AwaysGli standard sono strumenti di business che

consentono la valorizzazione dei benefici e lariduzione dei rischi degli EPC

Energy Audit

Fin

ancin

g

Work

flow Construction

Com

mis

sionin

g

Guaranteed Performances

Due diligenceUnderwriting Procedure

Operation

Main

tenance

Measurement Monitoring

Veri

ficati

on

Report

ing

Value generation Value Capturing+

–

EPC

Agre

em

ent

Grazieettore.piantoni@comatspa.com