Environmental Engineering Reference
In-Depth Information
secured creditor with a user-id and password which however it will allow the bank
to check and monitor the status of the account only. From the viewpoint of the
lender this procedure entails some limitations both because the secured creditor
shall get involved in the management of the guarantee and because the TEEs,
which will be blocked, must be identified in advance and this implies that they
must already be registered in the account. At the end each year the lender and the
debtor should sign a new agreement (or an agreement confirming and containing
new details) for blocking the new TEEs registered in the account and therefore in
case of insolvency of the debtor it might be subject to claw back (in other words
there is the risk that guarantee may not consolidate completely). Additionally, the
model agreement approved by GME must be wholly reflected in the actual
agreement signed by the secured lender and the debtor and therefore it cannot be
customized.
7.2
The Private Talent: The Agreements with the ESCO
As already anticipated in many points of this manuscript a crucial role should be
played by the ESCO (at least in the imagination of the legislator, but the reality is
not gone so far yet but in the future it could spread out). We have already dis-
cussed above in this manuscript about the features of the ESCO. Contracting an
ESCO is advantageous in that the ESCO may commit to finding the necessary
financial resources and it commits to carrying out the energy audit, the engineering
and feasibility plans, as well as it realizes, operates and manages the intervention.
Generally the ESCO is the owner of the plant and of the equipment necessary to
carry out the energy service. The scope of the energy contract with the ESCO is
not the construction of the plant or the supply of the equipment but the supply of
energy services (heating energy, equipment and plant which guarantee the
achievement of the energy saving goals). The considerations of the ESCO may be
the incentives, any available public benefit and the price for the energy service
contract. The ESCO manages the intervention and the supply of energy, while the
result of an energy consumption saving may be shared between the ESCO and the
client by means of (i) the sharing of the saving as compared to the pre-intervention
energy expense or (ii) a guarantee of the saving, i.e. the ESCO warrants a saving
with respect to the pre-intervention expense and therefore the client pays to the
ESCO an energy instalment which is equal to the pre-intervention energy inter-
vention less a percentage of saving. In this latter case the profits for the ESCO are
floating.
The client of the ESCO states the provisions of energy services in the contract
with the ESCO for a medium-long term which allows the investor to recover the
amortization of the investments made for delivering the energy services.
The parties involved the energy service contract may freely agree on the duration
of the contract, when the ownership equipment and plant will be transferred to the
client, and how to share the energy saving between the client and the ESCO for the
