BRIGHT IDEAS DRIVE DOWN CONTRACTING COSTS AT LUNA PARK SYDNEY
August 2018
Not clowning around: Luna Park Sydney saves $200,000 annually after optimising its electricity contracting.
Luna Park’s thousands of lights, which shine across Sydney Harbour every night, are iconic. Yet, along with ride motors, air conditioners and refrigeration, they contribute to a very substantial energy bill every year.
With electricity prices rising, and after many years of managing their own energy procurement, Luna Park worked with an external procurement expert to ensure the business got the best result. Luna Park locked in an energy contract that is saving the park over $200,000 per year.
As well as sorting out the business’ procurement, Luna Park undertook an energy audit to drive the park’s energy bills down even further. This led to a lighting upgrade that is paying back rapidly. With other energy efficiency initiatives in the works, management is confident it can keep the lights twinkling and the rides running ofr many more years to come.
“As a large consumer of energy, with an ambitious carbon emissions reduction goal of net zero by 2040, across our $11 billion commercial real estate portfolio, Investa’s ongoing approach to the management of electricity is critical to our business. We have made progress by taking advantage of market timing, negotiating flexible electricity contracts and exploring innovative solutions such as power purchase agreements, enabling the reduction of electricity costs for our tenants, whilst simultaneously moving us towards our emissions reduction target.
Energy efficiency is also a key priority for Investa’s large property and facilities management teams, who through active management, have been able to reduce electricity usage intensity by 48% since 2004, delivering significant savings to Investa’s tenants and owners, whilst also reducing the environmental footprint of our portfolio.”
Find this case study on page 26 of Navigating a dynamic energy landscape: a briefing for Australian businesses.