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Whole Report Eng FINAL ECONOMIC COMMISSION FOR EUROPE FINANCING ENERGY EFFICIENCY INVESTMENT FOR CLIMATE CHANGE MITIGATION Potential and Best Alternatives for Investments in Implementing Interfuel Substitution in the Federal District of Siberia, Russian Federation UNITED NATIONS Disclaimer The designations employed and the presentation of the material in this publication do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning legal status of any country, territory, city or area, or of its authorities, or concerning the delimitation of its frontiers or boundaries. Mention of any firm, licensed process or commercial products do not imply endorsement by the United Nations. Acknowledgements This analytical report was prepared by Gazprom promgaz JSC within the framework of the Financing Energy Efficiency Investments for Climate Change Mitigation project under contract No.PS - 15797/372-09-04. Table of Contents Acronyms and Abbreviations....................................................................................................................... vi Units of Measurement.................................................................................................................................. ix Executive Summary.......................................................................................................................................1 Introduction....................................................................................................................................................3 1 Stimulating Implementation of Energy Efficiency and Energy Saving Projects Through Legislative and Regulatory Base....................................................................................................................5 1.1 Legislative Base for Regulation of Energy Efficiency and Energy Saving Projects.......................5 1.1.1 Legislative Base Existing Prior to 2009.................................................................................6 1.1.2 Existing Energy Efficiency Legislation.................................................................................9 1.2 Technical Regulation and Standardization in the Public Utility Sector ........................................24 1.3 Regulation of Legal Relations Between Economic Entities and Municipal Authorities...............26 1.3.1 Types of Public Utility Sector's Enterprises ........................................................................26 1.3.2 Options for Organizing Legal Relations Between Business Entities and Municipal Authorities ..........................................................................................................................................33 1.4 Conclusions....................................................................................................................................40 2 Development Prospects for Energy Service Companies and PPP in the Russian Federation............42 2.1 Current Status of Energy Efficiency and Energy Saving in the Russian Federation.....................42 2.1.1 Review of Regional and Municipal Energy Saving Programmes........................................42 2.1.2 Current ESCO Activities in the Russian Federation............................................................59 2.2 Models Used for Implementing ESCO Projects Abroad...............................................................65 2.2.1 Basic Provisions...................................................................................................................65 2.2.2 ESCO Project Implementation Phases.................................................................................66 2.2.3 Funding Schemes for ESCO Projects ..................................................................................67 2.3 ESCO Contract Models .................................................................................................................68 2.3.1 Energy Performance Contracting.........................................................................................68 2.3.2 Energy Supply Contracts .....................................................................................................71 iii 2.4 Public-Private Partnership .............................................................................................................72 2.5 Conclusions....................................................................................................................................82 3 The Main Trends of Development and Implementation of Energy Efficiency Projects in the Public Utility Sector of Municipal Entities..................................................................................................84 3.1 Evaluation of Investment Projects Economic Efficiency ..............................................................84 3.1.1 Main terms and definitions of investment analysis..............................................................84 3.1.2 Investment Project Implementation Stages..........................................................................85 3.1.3 Investment Projects Cost-Effectiveness Assessment Methods............................................90 3.2 Particularities of Implementation of Energy Efficiency Projects in the Public Utility Sector of the Russian Federation......................................................................................................................102 3.2.1 Production Programme of the Public Utility Sector Organizations...................................102 3.2.2 Investment Programme of the Public Utility Sector Organizations...................................104 3.3 Analysis of Financial Schemes and Mechanisms of Improvement of Commercial Attractiveness of Energy Efficiency Projects in Public Utility Sector..................................................112 3.3.1 Equity Capital.....................................................................................................................113 3.3.2 Budgetary Financing...........................................................................................................113 3.3.3 Attracted Funds...................................................................................................................114 3.3.4 Specialized Funds, Credits of International Financial Institutions..........................................119 3.4 Conclusions..................................................................................................................................125 4 Analysis of Organizational and Economic Models for the Implementation of Energy Efficiency and Energy-Saving Projects in the Public Utility Sector in the Russian Federation Regions.......................................................................................................................................................126 4.1 Principles of Formation of Alternatives.......................................................................................126 4.2 Formation of Financial and Economic Parameters......................................................................128 4.2.1 Assessment of Capital Investments....................................................................................128 4.2.2 Formation of Project Operating Expenses .........................................................................129 4.3 Assessment of Cost-Effectiveness of Alternatives ......................................................................131 4.4 Conclusions..................................................................................................................................165 iv Summing up ...............................................................................................................................................167 Bibliography...............................................................................................................................................169 Appendix 1. Some Legal and Regulatory Acts Relating to Energy Saving and Energy Efficiency .........172 Appendix 2. Basic Provisions of Federal Law "On Energy Saving and Improving Energy Efficiency" No.261-FZ as of 23 November 2009......................................................................................174 Appendix 3. Principal Activities Under the Government Programme for Energy Saving and Improving Energy Efficiency Until 2020 ..................................................................................................176 Appendix 4. Potential Management Reforming Schemes for the Public Utility Sector............................178 Appendix 5. Standards Forms to Be Used by Public Housing Sector Enterprises for Draft Investment Programme Applications Submitted to Regulatory Bodies ....................................................181 Appendix 6. Credit Terms Offered by Tomsk-Based Banks....................................................................187 Appendix 7. Leasing Companies Operating in the Siberian Federal District............................................190 v Acronyms and Abbreviations The acronyms and abbreviations as used in this report have the following meaning: ASCEM Automated System for Commercial Electricity Metering BOOT Build – Own –Operate – Transfer C Credit CIW Construction and installation works COE Coefficient of efficiency CP Cogeneration plant CW Commissioning works D&ED Design and estimate documentation DENA German Energy Agency DNPVR Discounted net present value of returns EBC
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