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Case Study: Recycled Energy Development (RED) Westmont, Illinois-based Recycled Energy Development (RED) is a new enterprise whose predecessor companies, including its subsidiary Turbosteam, have developed 250 CHP projects over the past 30 years. These projects involve nearly every thermal-intensive industry, including steel, cement, glass, silicon and petrochemicals, and represent about $2 billion of capital investment (Recycled Energy Development (RED), 2008). Each of these decentralized power plants is 2-3 times as efficient as the U.S. electric grid. According to company estimates, on an annual basis the projects reduce greenhouse gas emissions by 50 million tons and save the host facilities nearly $400 million (T. Casten, 2008). The company’s Chairman, Tom Casten, and its President and CEO, Sean Casten, are recognized as leaders in the field of energy recycling. Each has played a significant role in advocating for reforming the nation’s energy sector, including by removing the associated regulatory barriers (Bronson, 2009). RED seeks to focus its future efforts on developing the potential of recycling industrial waste energy. The company’s business model is summarized in Figure 5. The company will approach a large, heat-intensive manufacturing plant and propose to build an “energy island” to recycle the facility’s waste energy into electricity. All the host plant must provide is the waste energy. RED will analyze the manufacturing process and devise the concept, then provide the design, engineering, construction, and installation—even funding the project with venture capital from a $1.5 billion portfolio provided by Denham Capital Management Partnership. The host site commits to buying back electricity from RED for a 20-year period, at a lower rate than the local utility charges. The host site’s energy costs thus drop dramatically, and RED and the host split these savings equally, selling any excess to the grid (Recycled Energy Development (RED), 2008). RED’s first energy recycling project developed under its current business structure will be at West Virginia Alloys, a subsidiary of Globe Metallurgical Inc., the largest U.S. independent producer of silicon. The plant uses electric arc furnaces operating at 7,000o Fahrenheit. RED will recycle the plant’s exhaust heat into clean energy, providing the following benefits: • 40-44 MW of clean energy, equal to powering 20,000 homes • 290,000 metric tons of avoided CO2, equal to taking nearly 60,000 cars off the road • Creating 20 jobs in the energy island • Increasing productivity and stabilizing power costs, thus increasing competitiveness RED has identified $100 billion worth of potential energy recycling projects, along with an additional $250 billion in related CHP. The company estimates that if realized, these efforts could save the U.S. economy $70 billion per year in avoided energy costs (T. Casten, 2008). 17PDF Image | Carbon-Reducing Technologies and U.S.
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