Duke students excel at the Renewable Energy Case Competition 2016
In December 2016, the Energy Club at the University of Michigan's Ross School of Business hosted its eighth annual Renewable Energy Case Competition (RECC), one of the premier energy case competitions in the United States. This year, Team Ukko from Duke University's Fuqua School of Business took home second place as they tackled the challenge of reforming New York State's energy markets. Read below to learn more about their proposal to take advantage of smart metering data. Follow the links for copies of the case competition prompt and Team Ukko's presentations.
RECC 2016 – Case Prompt Venture Capitalist Presentation Regulator Presentation
RECC 2016: New York's energy vision
The 2016 Renewable Energy Case Competition challenged students to examine the policy changes surrounding New York's ongoing REV (Reforming the Energy Vision) process, then develop a business concept that would appeal to both venture capital investors (VCs) as well as regulators in the NY market.
Students were encouraged to follow one or more of four major technology categories: energy storage, microgrids, distributed generation, or demand management.
Competing teams submitted two separate presentations, one targeted towards VCs and one targeted towards regulators, and prepared to present both to a panel of judges. These presentations needed to include a detailed business model, market sizing, financial forecasts, value propositions to each stakeholder, evaluation of key risks, necessary partnerships, and funding requests.
Team Ukko's Proposal
Our team developed and presented a business concept for targeted marketing of energy efficiency (EE) and distributed generation (DER) products to a utility's residential customers. A major outcome of the REV initiative in NY State will be a widespread rollout of "smart" meters (AMIs) which provide interval data on individual households, and the inclusion of third-party solutions to meet demand management goals. This creates an abundance of data, but not necessarily actionable solutions.
Ukko proposed a white-label software for use by electric retailers that uses this data to better target individual residential households. Rather than a generic bill insert promoting unspecified rebates for unspecified products, our proposed software would analyze usage and provide a complete package solution––seamlessly integrating products, installers, discounts/rebates, and financing. By simplifying choice for a residential consumer, and providing products relevant to their energy use profile, the Ukko software would increase adoption of both EE and DER in New York and beyond.
Our software's key advantage is that it is free, available at no cost to the utility, and therefore no costs are passed down to ratepayers. All revenue is created via advertising. However, this advertising is non-obtrusive to the customer. By promoting "sponsored" content similar to other online retailers, Ukko can collect small advertising fees without spamming customers, and collect a commission from equipment/product manufacturers, installers, and independent financiers. By leveraging existing customer ratings (ex. Amazon, Angie's List, etc.) Ukko also ensures that residential customers receive top quality products and services.
We were honored to receive second place for our business concept. We look forward to Fuqua's participation next year at RECC 2017!
Are you a Duke alum or energy professional who wants to connect with Duke students interested in energy?
Contact Stacy Peterson.
Interested in giving opportunities related to the Energy Initiative's education efforts, including funds for students to attend case competitions?
Contact Suellen Aldina.