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The Feasibility of Performance Contracting in Hungary, Poland, and Slovakza

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The Feasibility of Performance Contracting in Hungary, Poland, and Slovakza THE FEASIBILITY OF PERFORMANCE CONTRACTING IN HUNGARY, POLAND, AND SLOVAKZA Prepared by Kiona International, Inc. Under Subcontract to ICF Resources Incorporated U.S. Agency for International Development Contract No. EUR-0028-C-00-2031-00 July 1995 TABLE OF CONTENTS PAGE EXECUTIVE SUMMARY INTRODUCTION ......................... 1 SECTION 1. PERFORMANCE CONTRACTING ............. 1-1 Performance Contracting in Retrospect ... ....1-2 Typical ESCO Services ........... ....1-4 Country Benefits .............. ....1-5 Benefits to In-Country Businesses ... ....1-6 Customer Advantages ............ ....1-7 Lessons Learned in the West ........ ....1-8 Free Audits .............. ....1-8 Too Much; Too Soon .......... ....1-8 Getting an Accountable Energy Engineer ....1-9 Cost-Effectiveness .......... ...1-9 Utility Role ............. ... 1-10 Underestimating the Key Role Management and Occupants Have. Especially O&M Staff ...... ... 1-10 The Vital Communications Link .... ... 1-10 SECTION 2 . KEY INSTITUTIONAL AND ECONOMIC ELEMENTS .....2-1 Country Conditions ...................2-1 Political & Economic Elements .............2-1 Energy & Environmental Elements ............ 2-5 CustomerElements ...................2-6 SECTION 3 . HUNGARY . ECONOMIC. POLITICAL. ENERGY AND FINANCIAL CONDITIONS GERMANE TO ENERGY PERFORMANCE CONTRACTING ............... 3-1 Macroeconomic/Political Conditions in Hungary .....3-1 Economic uSnapshotfland Apparent Trends; September 1994 ....................... 3-2 Macroeconomic Prospects and Outlook .....3-2 Implications for a Broad Based ESCO Industry ......3-3 Financial Barriers ................3-4 Related Financial Issues .............3-4 Credit Enhancement ................ 3-4 Hungary's Energy Situation ..............3-5 Electric Power Sector ..............3-5 Ministry of Environment .............. 3-7 HeatingSupply .................. 3.7 Energy Supplies and Environmental Implications . 3-8 Energy Consumption ................3-9 Energy Savings Potential ............ 3-10 Sources of Funds ................... 3-10 The German Coal Aid Fund ............ Hungarian Government Support for Energy Efficiency Pool Financing ................. EC Energy Center ................ Doing Business in Hungary .............. Some Counsel .................. Current ESCO Activity in Hungary ........ Energy Efficiency Activity ........... Energy Efficiency Measures ........... Potential Markets ................ Deterrents to an ESCO Industry ............ SECTION 4 . POLAND . ECONOMIC. POLITICAL. ENERGY AND FINANCIAL CONDITIONS GERMANE TO ENERGY PERFORMANCE CONTRACTING ............... 4-1 Political/Economic Mid-1994 lrSnapshotwand Apparent Trends ......................4-1 Private Sector Growth ............... 4-2 Polish Economic/Political issues .........4-3 Poland's Energy Situation ...............4-5 MakingItPay ...................4-5 Pricing Patterns and Plans ............4-5 Consumption By Sector ............... 4-7 The Utility Industry ..............4-7 Financial Issues Affecting the Growth of an ESCo Industry in Poland ................... 4-8 DoingBusiness inPoland ............... 4-10 Legal Considerations .............. 4-12 Economic. Political. Financial Deterrents to ESCO Industry Growth and Proposed Resolution ....... 4-13 SECTION 5 . SLOVAKIA . ECONOMIC. POLITICAL. ENERGY AND FINANCIAL CONDITIONS GERMANE TO ENERGY PERFORMANCE CONTRACTING ....5-1 Macroeconomic and Political Indicators .........5-1 Related Financial Issues .............5-4 The Energy Situation ..................5-5 Electricity ....................5-6 Heating ......................5-9 Slovak-American Enterprise Fund ..........5-7 Sources of Funds ...........*....... 5-10 Slovakian Commercial Banks ........... 5-10 Slovak-American Enterprise Fund ......... 5-10 Ministry of Environment ............. 5-10 Multinational Development Banks (MDBs) ..... 5-11 Slovakian Government Support .......... 5-11 Doing Business in Slovakia .............. 5-11 ESCO Activity in Slovakia ............ 5-12 Energy Efficiency Measures ........... 5-12 Potential Markets ................ 5-13 Deterrents to An ESCO Industry Related to Slovakia's Economic. Political. Financial and Energy Situation; and Possible Resolutions ............... 5-15 SECTION 6 . OVERVIEW OF PERFORMANCE CONTRACTING POTENTIAL 6-1 Hungary: Conclusions & Recommendations ........6-1 Recommendations .................... 6-2 Poland: Conclusions & Recommendations ......... 6-4 Recommendations ....................6-5 Slovakia: Conclusions & Recommendations ........ 6-6 Recommendations .................... 6-7 Supporting the ESCO Market ............... 6-9 APPENDIX A .........................A-1 EXECUTlVE SUMMARY Hungary, Poland and Slovakia offer large, untapped "reservoirs" of energy efficiency. Tapping into these reservoirs could benefit the national economies of these countries and the environment of the entire region. More efficient operations means more competitive industry, improvements in trade balance and increased employment opportunities. The money now going for wasted energy could up-grade facilities and pay for new jobs. Energy efficiency efforts could off-set some of the economic and social dislocation that will inevitably be caused in all three countries as energy prices increase. Many leaders in Hungary, Poland and Slovakia recognize energy efficiency could offer these benefits; but like financially starved nation's around the world, they simply don't have the money to support a broad energy efficiency effort. Furthermore, there are pressing demands on the money that is available. An exciting opportunity exists to squeeze energy waste out of the economies of Poland, Hungary and Slovakia, and use those resources regained to benefit the countries and their citizens. It is called energy performance contracting (EPC). Without any upfront costs to . the owners, EPC can make potential energy cost savings from future years available to upgrade facilities and cut energy costs today. EPC is not new or untried. 1t is being used successfully in thousands of projects in many western countries and a growing number of neighbor countries, including the Czech Republic. The firms that offer EPC are called energy service companies (ESCOs). An ESCO identifies energy saving opportunities in a facility or an industrial process; then implements the approved measures at no front-end cost to the owner. All the equipment and services provided by the ESCO are paid from future energy and operational savings. Guaranteed! The ESCO has so much confidence in its services and products that the firm guarantees that all project costs will be covered by money that is now being paid to the utility for wasted energy. Poland offers the largest market in Eastern Europe. For energy service companies (ESCOs) considering working and investing in Poland, it also offers the greatest energy opportunity for Poland consumes 33 percent of Eastern Europe's primary energy. Furthermore, it is consumed at an energy intensity of 1.78 -- the highest in Europe. As Poland strives to bring its "social cost" of energy in line with its real cost, energy efficiency can offset much of the economic dislocation these adjustments can cause. The benefits energy efficiency could bring to Poland's transitional economy and its environment are striking. In Hungary the nation's energy situation seems to be at the heart of many of its economic difficulties. The cost of energy to the nation is 16.7 percent of its gross domestic product. Much of the 600 billion forint energy bill to the nation is indirectly borne by the government. This procedure places a heavy burden on the country's budget deficit and diminishes the public awareness of the importance of energy efficiency to the economy. Energy efficiency is vital to Hungary's national interest, but these concerns are not translated to the local level. There are few consumer level incentives for energy efficiency. In fact, the historically low level of energy prices has acted as a disincentive. This pricing policy has continued and the Hungarian price of energy for industry in US cents/kWh has actually dropped since 1990 (from 7.4 cents/kWh to 5.2 cents/kWh in 1994). The energy savings potential in Hungary is great. The market is estimated to be 180 billion forint (US $6 billion) at September 1994 energy prices. To fully analyze the energy situation in Slovaha and to assess the potential for energy performance contracting, it is necessary to realize that the independent Slovak Republic was established only two years ago. Any assessment of the energy situation and its economic implications must also consider the previous development of the region as apart of Czechoslovakia. The heavy industrialization of Slovakia began after World War I1 under a command and control economy. Efficient operations, particularly energy efficient operations, were not a consideration. Energy for the heavy industries was imported and prices were subsidized by the state. This "inherited" energy situation is at the heart of many of Slovakia's economic difficulties. The heavy dependence on energy imports and the level of energy required for its industrial sector are burdens on the growing economy. The absence of economic/financial analyses in the energy area and the artificially low energy prices for citizens diminishes an awareness of the importance of what energy efficiency could do for the economy. The benefits energy efficiency could bring to Slovakia's transitional economy are striking. At first glance, it would seem that conditions in all three
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