European energy service company (ESCO) market assessment and a spanish ESCO valuation exercise

Abstract

This Master’s final work aim to reflect and express the skills and academic knowledge acquired over the period of the academic year at the Comillas Pontifical University (ICADE) from September 2015 to June 2016. It is an accumulation of academic training attained by the trainee teacher, Juan Molina Huertas. The objective of this Report is to describe the Energy Service Company (ESCO) market in Europe, its legislative framework, its trend and maturity. Afterwards, the Power & Utility transaction trend is analyzed together with the likely conversion dynamics in the ESCO market. To this extent a merger recorded las January 2016 between the Italian ESCO Innowatio and the German ESCO CLENS is taken into consideration. Finally, by focusing on the potential of the Spanish ESCO market, which foresee a potential of market expansion between €1.5 and €2.5 billion, an example of company valuation is undertaken by the selection of the Spanish ESCO Nexus Energia as a sample for the valuation exercise.