Published on June 7, 2013
Energy Efficiency and Smart GridMarkets in USAOriginal can be found on http://www.muninsight.com/energy-efficiency-smart-grid-markets-usa
Who we are• We are an independentadvisory firm based inBoston, Massachusetts,USA• We are deeply connected inthe energy markets• We take part in the dailylife of energy markets andin the agenda settingdiscussions
Energy Efficiency and Smart GridMarkets in USATalk prepared for session in January 2013 atDanmarks Tekniske Universitet, under theauspices of Danish American Business Forum
2009 and BeforeBUILDINGS• Recession• Energy irrelevant-for most of population-real estate appraisal-real estate databases• Misplaced incentives-utilities paid for consumption-split incentives (owner-tenant)• Low level of financingGRID• Precedence for "prudent"investment only (stateauthority, attorney heavy)• Customer: utility procurementAND PUCs AND Off. of AG• Example: Cape Wind politics
2009-2013: Piecemeal ChangesBUILDINGS• New utility incentives:-ARRA 2009 (Obamapenge)-Decoupling• Locally initiated loan programs(c1000 retrofits/yr in MApop.6.6m)• Certifications:LEED, Energy Star• Educate stakeholders• Next generationGRID• New incentives-ARRA-Deregulation• Cape Wind and DistributedGeneration• Demand response• Smart grid buzz• Many vendors pushing• Next generation
FutureBUILDINGS• Green homes market from$17bn (2012) to ~$80bn (2017)• Why?-Ratepayer funding x 4-Transparency-PlaNYC-Appraisal Institute-Certifications-Real Estate Databases-ACEEE-Green leasesGRID• Growth from $26.7 billion by2017 with a CAGR of 13%• Events (e.g. blackouts) -->reliability trumping price-Regulatory changes --> moreratepayer funding (AG office:"stemming the flood")-But:regulatory changes slowmajor cyber security issues
The Grand FutureBUILDINGS• Standardization of loan programunderwriting and management• Green lease acceptance• Energy relevant categories inreal estate databases• Securitization of loans• All this amounts to "maturationof securitized bond markets" -->easy funding for DK productsGRID• New RIIO-style regulation insome states• --> tipping point
Conclusion• Changes all point in the same direction• Many niches for Danish products, but …• From the outside hard to grasp– Local opportunities– Timing– Complex drivers and decision making processes
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