INNOVATION: How will we finance?: TMB USE CASE
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INNOVATION: How will we finance?:
TMB USE CASE
INDEX
- Why and what TMB want to do in
electromobility (Josep Ma Armengol).
- How TMB will finance the investments in
electromobility (Ismael Uruen).
2
Basic Principles: BUS IS CLEAN TRANSPORT Alternative fuel technologies should be introduced in a way that not endanger the urban transport mission: Transport people from A to B, safely and efficient Urban Transport contributes less than 8% to transport pollution The real environmental benefit will come from a MODAL SHIFT: from private to public transport
THE LAST CITY COMMITMENTS
November 2017
1.- ONLY
purchase electric
buses from 2025.
2.- Zero emisions
Cities: Londres, París, Los for main areas of
Ángeles, Barcelona,
Copenhague, Quito, their cities in
Vancouver, Ciudad de
México y Ciudad del Cabo
2030.
4
“NEW NETWORK”
1975-2011 classical Begining 2012 NEW network:
network Easy to understand
Effective and efficient
Evolution of passengers/year
TWO Actions taken with the existing fleet
TMB, decided in 2010 to install:
425 PARTICULATE filtres + NOx
FILTERS (SCR)
RETROFIT HYBRID PROJECT (2010)
70 DIESEL BUSES 13 CNG buses
TRANFORMED TO TRANSFORMED TO
HYBRID HYBRID
7
HYBRID FLEET
TYPE SIZE UNITS
DOBLE ARTICU 24 3
ARTICULATED 18 124
STANDARD 12 187
MIDI'S 9,75-11,5 19
DOBLE DECKE 12-14 13
TOTAL 346
Cost of hybrid bus: 30% more than a diesel bus
8
ELECTROMOBILITY
ELECTRIC BUSES –
ELECTRIFICATION IN EUROPE
FIRST STEPS
ZeEUS PROJECT
10TWO MODES OF OPERATION
1.OVERNIGHT VEHICLE of 2.OPPORTUNITY CHARGING
12 m VEHICLE of 18 meters
BATTERY CAPACITY > 300 BATTERY CAPACITY 130 KWh
KWh • Less weight of the batteries
• More passenger capacity
• More weight of the batteries • It need some charging station on the
• Less passenger capacity street
11LIFE CICLE COST (LCC/TCO) 12/18m)
DIESEL ELECTRIC CNG
ADQUISITION PRICE
MAINTENANCE COST
(BATTERIES, GNC bottles, etc.)
CONSUMPTION (fuel, kWh in peak hour, etc..)
Environmental cost (Directive 2009/33)
ELECTRIC INFRASTRUCTURES (GRID, etc..)
Cost of electric bus: 100% more than a diesel bus
12FLEET CHARACTERISTICS
BUS FLEET
2017 = 1085
13TMB PLAN
ELECTRIC TECNOLOGY
TMB Contract Program: 4 years 2018-2021
14TMB PLAN:
FUTURE ELECTRIC STEPS in the city
- 2 electric
Horizontal bus
lines (first one is
H16)
- 2 electric
vertical bus
lines
- Minibuses and
Touristic busesTMB ESTRATEGY ???? 2022: no more hybrid purchases
How will we finance our investments??
Barcelona first idea regarding ELENA EIB
o BUS NETWORK (5%):
NXB: how to change the bus network to be more
efficient, fast and understandable.
Implementing traffic engineering project.
Constructive project: Implementation BRT.
o New signals network and LED technology (37%)
o Energy Technology in BUSES (58%):
RETROFIT DIESEL and CNG buses to HYBRID
ELECTRIC/HYBRID commercial buses
* How to finance theses investments …
2011-2014
TOTAL Units Total MWh Total teps Total t/CO2
EFFICIENT BUS Bus Network - first
1 12
NETWORK level BRT
CONSTRUCTIVE
Segregated BUS Lane
PROJECT
2 and others
IMPLEMENTATION
SAVINGS: In energy (tep) and Emissions (kg CO2)
infrastructures 13.289,13 1.142,87 3.529,58
BRT
IMPLEMENTATION
TRAFFIC
3 coordination
ENGINEERING
PROJECT
4 LIGHTS Traffic Lights - New sign 36.000 12.096,00 1.040,26 4.717,44
Hybrid 180 12.917,03 1.110,86 3.411,72
Hybrid Retrofit DIESEL 100 5.847,22 502,86 1.544,40
5 BUSES Hybrid retrofit GNC 120 16.459,52 1.415,52 2.970,00
Electric 20 787,50 67,73 208,00
TOTAL 420 36.011,28 3.096,97 8.134,12
TOTAL ENERGETIC EFFICIENCY and EMISSIONS (CO2) 61.396,41 5.280,09 16.381,14EIB - ELENA Facility 2009 Barcelona experience
TMB Bus fleet renewal arrangements
1.075 bus fleet average.
12 year depreciation.
90 buses a year renewal average.
332.000€ purchase price average.
30.000.000€ yearly financial need for the following years.
A bid following UITP/UE procurement procedures is done almost every year.
Nowadays Spanish Banks offer to TMB a 12 year financial leasing scheme.
Assumption for 2018-2021 and beyond:
If we transform the buses diesel fleet into a clean buses fleet with only hybrid &
electric
–maintaining the size of the Natural Gas fleet-, there is an over cost of 85%
weighted
average * price per bus (226.580€).
If we bid for diesel buses fleet it would be a weighted average * price per bus (265.431€).
But if we bid for a clean buses fleet (hybrid & electric) it would be weighted average *
price per bus (492.011€).
* We are considering all type of buses (minis, standard, articulated, and double decker). There is not VAT and
not maintenance cost included.Financial Leasing scheme: After the bid results, TMB Financial Services communicate its decision to the winning banks. Then, it is time to start working on contract clauses and design the amortization schedules. All banks sign the same contract using French depreciation method indexed in semi-annual instalments based on 6 month Euribor plus a margin. Once it is all ready, purchase and leasing contracts are signed on the agreed day between the manufacturers, banks (Lessors) and TMB. In the date of signing, TMB pays to banks 5% of the total amount of contract and at the same time, banks pay to manufacturers the same amount, TMB receives from manufacturers this 5% in a bank guarantee. Buses are delivered on the delivery dates agreed on the purchase contract and the manufacturer and TMB sign the Provisional Delivery Act. As agreed on the contract, TMB returns the 5% bank guarantee to manufacturers. Then, 90 days after the act’s signature, TMB receives a 15% bank guarantee and gives order to the Lessor to pay to manufacturer the remaining 95%. This 15% bank guarantee is held until the Final Delivery Act is signed (approximately 3 years later). The 95% payment date is used to build the amortization schedule; it would be the first rent’s payment day of the leasing and the day when interests would begin to
Financial Leasing offers several benefits against other forms of financing 1. - From the legal point of view, the Lessor (bank) is the owner of the buses, but TMB (Lessee) has the right to use them in its network. And from the accounting point of view, the buses are at TMB balance sheet as a fixed asset and as a financial lease liability. 2. - Its financial cost is cheaper because it is the lessee who bears all risks, depreciation and maintenance of the buses. 3. - It is an easy-doing transaction, no extra cost for maintenance or legal assessment is needed. 4. - Final maturity can be match with useful life (12-14 years) so it is possible to net all cash flows (rent payments and accounting depreciation). 5. - Ownership passes automatically from Lessor to Lessee at the maturity date by paying the purchase option, a symbolic amount of money. So, annually we pay the interests to the banks via P&L account and we match the financial depreciation with the accounting depreciation.
TMB Bus fleet 2017 vs 2021 commitment
Type of Bus 2017 2021 Change 17/21 2021 TB 2021
weight ZeEUS
weight
Diesel 465 216 -54% 20% 52%
Natural Gas 392 385 -2% 33% 15%
Hybrid 246 356 +45% 36% 9%
Electric 4 116 ++++% 11% 20%
Total 1117 1073 -4%
This move to hybrid & electric instead of cheaper Euro 6 diesel will cost
additional INVESTMENTS in these years of approximately:
- € 29.000.000 for buses &
- € 20.000.000 for infrastructures.
That means:
- a strong commitment from public administrations supporting this
change for sustainability and clean buses fleets.
- There is a new opportunity for European PT Operators to finance
cleaner buses through the European Investing Bank loan facilities.MANY THANKS FOR YOUR ATTENTION!!!
Ismael Uruen Josep Ma Armengol
Financial service director Engineering and new developments director
iuruen@tmb.cat jmarmengol@tmb.catYou can also read
