Latest news with #Vicinity
Business Wire
10 hours ago
- Business
- Business Wire
Vicinity Energy Kicks off Electrification Plans in Grand Rapids
GRAND RAPIDS, Mich.--(BUSINESS WIRE)-- Vicinity Energy, a decarbonization leader with the nation's largest portfolio of district energy systems, has officially kicked off its Grand Rapids electrification plans by commencing the installation of its newest electric boiler. Vicinity will install the 9MW electric boiler at its Grand Rapids facility, marking a key milestone in the company's Clean Energy Future commitment to reaching net zero carbon emissions across all of its operations by 2050. When the electric boiler enters service in 2026, over 100 of Vicinity's customers in Grand Rapids will have access to carbon-free thermal energy instantly Share U.S. Representative Hillary Scholten (MI-3) commemorated the milestone at Vicinity's Grand Rapids facility, along with local business leaders and energy advocates. 'We are proud to see Vicinity, a long-standing energy partner in Grand Rapids, launch its innovative eSteam TM right here in the city,' said Grand Rapids Mayor David LaGrand. 'This project will bring locally generated, carbon-free steam to our downtown businesses, supporting Grand Rapids' commitment to sustainability, clean energy, and a resilient future.' Vicinity Energy received a grant exceeding $2 million from the Michigan Public Service Commission (MPSC) as part of the Renewable Energy and Electrification Infrastructure Enhancement and Development (EIED) program. This funding supports the installation of the 9MW electric boiler at Vicinity's downtown Grand Rapids facility, marking the first new boiler addition in 60 years at the facility. The project aims to produce carbon-free eSteam TM to support the decarbonization of Grand Rapids, aligning with the MI Healthy Climate Plan's goals to reduce greenhouse gas emissions and transition toward carbon neutrality. 'Our work towards carbon-free, clean energy is critically important to not only our own goals, but the goals of our state and local partners across the country. Here in Grand Rapids with the installation of this electric boiler, we will enable a seamless conversion to carbon-free eSteam TM for our customers,' said Vicinity Energy CEO Kevin Hagerty. When the electric boiler enters service in 2026, over 100 of Vicinity's customers in Grand Rapids will have access to carbon-free thermal energy instantly. Click here to read more about Vicinity's district energy systems and its commitment to innovation and the environment. About Vicinity Energy Vicinity Energy is the largest owner and operator of district energy systems dedicated to decarbonizing its operations and investing in innovative renewable thermal energy technologies to offer carbon-free eSteam™ to its customers. Operating 19 district energy systems in 12 cities, Vicinity delivers reliable and sustainable steam, hot water, and chilled water to 250 million square feet of building space nationwide. As Vicinity advances its electrification efforts across its locations, the goal to achieve net zero by 2050 is more than a commitment—it's a mission. Learn more about Vicinity's vision for a clean energy future at
Sydney Morning Herald
19-05-2025
- Business
- Sydney Morning Herald
Choke hold: The 33 taxes, levies and duties Victorians are paying that have us at tipping point
In contrast to Sydney's congestion tax, retailers are not exempt from the Victorian levy. Vicinity Centres, which manages Victoria Gardens, a Richmond shopping centre which houses one of Melbourne's two Ikea stores, on Monday wrote to tenants informing them that the proposed change would add $4.5 million to the annual running costs of the centre. 'This could have flow-on effects for parking fees, operations, outgoings, and ultimately, customers – at a time when affordability is already under pressure,' Vicinity manager John Nadalin wrote. 'We are deeply aware that this is a regressive tax that will hurt all retailers and the wider community and is counterproductive when we are trying to support our retailers and small businesses post-COVID.' Honi Walker, the chief executive of the South East Melbourne Manufacturers Alliance which represents about 235 manufacturing businesses, said land tax increases announced as part of the government's plan to repay debt incurred during the pandemic had hit her members hard. According to figures compiled by SEMMA, the family-owned Catten Industries, a husband and wife-run sheet metal manufacturer which employs 40 people, had seen its land tax bill increase by almost 230 per cent from $13,500 in 2023 to $31,000 this year. Owner Ian Cubbitt said the increase was due to the appraised value of his Bayswater factory and the land beneath it. 'It sounds like we are crying poor, but you have to find this money from somewhere, and it affects our ability to invest in equipment or people and skills and the things we need,' he said. One of the business's largest contracts is to supply sheet metal parts to make 100 next-generation trams for the Victorian government. 'We are finding it difficult to compete against overseas suppliers,' Cubbitt said. 'If the cost to produce here keeps going up, it makes it really difficult for them to look locally to buy.' Jaclyn Symes on Monday said there would be no new taxes in her first budget and no tax increases beyond those already forecast to rise. She claimed a previously announced, 12-month extension of a stamp duty exemption for off-the-plan purchases of apartments and townhouses was a tax cut and said the budget would contain measures to reduce the cost of regulatory compliance to business. 'There is nothing in the budget that changes the tax settings,' Symes said. 'That is what business has told me is important – no new taxes and making things easier to do business in the state of Victoria. That is what you will see.' Symes said the budget would reflect initial savings identified by former Department of Premier and Cabinet secretary Helen Silver in her interim report into the size and efficiency of the Victorian Public Service. Silver's final report will be handed in after the budget. Shadow treasurer James Newbury said while Victoria had a more narrow tax base than other states with large resource industries, its punitive tax regime was 'choking' parts of the economy. 'Victorians think we are paying too much tax, and we pay more tax than anywhere else,' said Newbury, who commissioned the PBO study of Victoria's state-based taxes. 'The government's need for more revenue is cannibalising economic outcomes.' Newbury said that his budget reply speech, to be delivered next week, would start mapping out the opposition's plans to rebalance Victoria's tax take. 'When it comes to tax, we need to talk about not only what we think is wrong but start offering solutions to fix it.' Guerra said that Victoria's over-reliance on business and property taxes meant the entire tax system needed to be reviewed. 'Depending on who you listen to we may or may not be performing better than other states but who cares?' he said. 'There is investment wanting to come into Victoria that won't while the tax regime is where it is at and the debt situation remains unaddressed.' This financial year's total tax take is expected to top $39 billion. Of this, $18.2 billion is forecast to be generated from property taxes. The state's tax take is about 6 per cent of gross state product – above all other states. Charter Keck Cramer researcher Richard Temlett said that since it was first elected, the Victorian government had imposed 29 new or increased taxes on the property sector, making it Australia's most heavily taxed property market. 'I am constantly hearing from investors that they are attracted to Victoria but are not investing because of the higher taxes and charges and now the greater levels of sovereign risk when compared to other states and territories,' he wrote on LinkedIn. 'Many of the tax policies and changes implemented by the state government to date have been reactive and regressive. They appear to be based on the assumption that property prices will keep rising and that developers and investors can afford these taxes.' The budget will forecast a skinny, $600 million operating surplus for 2025-26 – about $1 billion less that forecast six months ago – and healthier operating surpluses for the forward estimates but confirm that Victoria's overall fiscal position will remain in deficit due to the size and cost of the government's major infrastructure projects. Net debt is forecast to top $155 billion by July 1, according to the most recent budget update. The Treasury Corporation of Victoria, the independent agency which manages the state's debt, last month reported $200 billion in total borrowings. This covers the combined debt of Victoria's government sector, public non-financial corporations and public finance corporations. Ratings Agency S&P Global Ratings said while Victoria's budget position remained weak, it expected to see small operating surpluses forecast in the budget papers and for debt to rise at a slower rate than in recent years. S&P Global analyst Rebecca Hrvatin said fiscal discipline would be key to maintaining the state's AA credit rating.
The Age
19-05-2025
- Business
- The Age
Choke hold: The 33 taxes, levies and duties Victorians are paying that have us at tipping point
In contrast to Sydney's congestion tax, retailers are not exempt from the Victorian levy. Vicinity Centres, which manages Victoria Gardens, a Richmond shopping centre which houses one of Melbourne's two Ikea stores, on Monday wrote to tenants informing them that the proposed change would add $4.5 million to the annual running costs of the centre. 'This could have flow-on effects for parking fees, operations, outgoings, and ultimately, customers – at a time when affordability is already under pressure,' Vicinity manager John Nadalin wrote. 'We are deeply aware that this is a regressive tax that will hurt all retailers and the wider community and is counterproductive when we are trying to support our retailers and small businesses post-COVID.' Honi Walker, the chief executive of the South East Melbourne Manufacturers Alliance which represents about 235 manufacturing businesses, said land tax increases announced as part of the government's plan to repay debt incurred during the pandemic had hit her members hard. According to figures compiled by SEMMA, the family-owned Catten Industries, a husband and wife-run sheet metal manufacturer which employs 40 people, had seen its land tax bill increase by almost 230 per cent from $13,500 in 2023 to $31,000 this year. Owner Ian Cubbitt said the increase was due to the appraised value of his Bayswater factory and the land beneath it. 'It sounds like we are crying poor, but you have to find this money from somewhere, and it affects our ability to invest in equipment or people and skills and the things we need,' he said. One of the business's largest contracts is to supply sheet metal parts to make 100 next-generation trams for the Victorian government. 'We are finding it difficult to compete against overseas suppliers,' Cubbitt said. 'If the cost to produce here keeps going up, it makes it really difficult for them to look locally to buy.' Jaclyn Symes on Monday said there would be no new taxes in her first budget and no tax increases beyond those already forecast to rise. She claimed a previously announced, 12-month extension of a stamp duty exemption for off-the-plan purchases of apartments and townhouses was a tax cut and said the budget would contain measures to reduce the cost of regulatory compliance to business. 'There is nothing in the budget that changes the tax settings,' Symes said. 'That is what business has told me is important – no new taxes and making things easier to do business in the state of Victoria. That is what you will see.' Symes said the budget would reflect initial savings identified by former Department of Premier and Cabinet secretary Helen Silver in her interim report into the size and efficiency of the Victorian Public Service. Silver's final report will be handed in after the budget. Shadow treasurer James Newbury said while Victoria had a more narrow tax base than other states with large resource industries, its punitive tax regime was 'choking' parts of the economy. 'Victorians think we are paying too much tax, and we pay more tax than anywhere else,' said Newbury, who commissioned the PBO study of Victoria's state-based taxes. 'The government's need for more revenue is cannibalising economic outcomes.' Newbury said that his budget reply speech, to be delivered next week, would start mapping out the opposition's plans to rebalance Victoria's tax take. 'When it comes to tax, we need to talk about not only what we think is wrong but start offering solutions to fix it.' Guerra said that Victoria's over-reliance on business and property taxes meant the entire tax system needed to be reviewed. 'Depending on who you listen to we may or may not be performing better than other states but who cares?' he said. 'There is investment wanting to come into Victoria that won't while the tax regime is where it is at and the debt situation remains unaddressed.' This financial year's total tax take is expected to top $39 billion. Of this, $18.2 billion is forecast to be generated from property taxes. The state's tax take is about 6 per cent of gross state product – above all other states. Charter Keck Cramer researcher Richard Temlett said that since it was first elected, the Victorian government had imposed 29 new or increased taxes on the property sector, making it Australia's most heavily taxed property market. 'I am constantly hearing from investors that they are attracted to Victoria but are not investing because of the higher taxes and charges and now the greater levels of sovereign risk when compared to other states and territories,' he wrote on LinkedIn. 'Many of the tax policies and changes implemented by the state government to date have been reactive and regressive. They appear to be based on the assumption that property prices will keep rising and that developers and investors can afford these taxes.' The budget will forecast a skinny, $600 million operating surplus for 2025-26 – about $1 billion less that forecast six months ago – and healthier operating surpluses for the forward estimates but confirm that Victoria's overall fiscal position will remain in deficit due to the size and cost of the government's major infrastructure projects. Net debt is forecast to top $155 billion by July 1, according to the most recent budget update. The Treasury Corporation of Victoria, the independent agency which manages the state's debt, last month reported $200 billion in total borrowings. This covers the combined debt of Victoria's government sector, public non-financial corporations and public finance corporations. Ratings Agency S&P Global Ratings said while Victoria's budget position remained weak, it expected to see small operating surpluses forecast in the budget papers and for debt to rise at a slower rate than in recent years. S&P Global analyst Rebecca Hrvatin said fiscal discipline would be key to maintaining the state's AA credit rating.
Boston Globe
20-04-2025
- Business
- Boston Globe
Vicinity's Bill DiCroce will leave a big legacy — in the pipes that feed Boston's buildings
Because Vicinity provides a centralized thermal source for heating and cooling systems in many of Boston's most energy-intensive structures, DiCroce believed his company could play a critical role in reducing their carbon emissions. This represented a great business opportunity, particularly as 'He was steadfast in his vision about where he wanted to take the company and he was relentless in his drive to get there,' said Kevin Hagerty, Advertisement DiCroce could be blunt at times. He was certainly passionate about his belief that it's easier to decarbonize multiple buildings on a shared system, than by retrofitting one building at a time. Toward that end, Boston-based Vicinity to sell what it calls 'eSteam' — a premium product that building owners could buy to help them meet their own environmental goals. The eSteam concept was initially greeted with some skepticism, but DiCroce and his team worked hard to make the case to the Boston business community that it's the real deal. Advertisement Yes, roughly half of New England's power grid Even more ambitious: DiCroce's plans to tap into the Charles River for thermal energy, for a different source of eSteam, one closer to home. In 2023, Bill DiCroce, right, president and CEO of Vicinity Energy, meets with former British member of Parliament Chris Skidmore to discuss decarbonizing heating systems in urban settings at the Kendall Power Plant in Cambridge in 2023. Nathan Klima for The Boston Globe This would act like a ground-source heat pump system, similar to the one that heats up Boston University's new computing and data sciences center (aka the Jenga Building). But Hagerty says the amount of energy that Vicinity's steam system would need to extract would simply make the ground too cold to efficiently draw energy from it. That's why DiCroce looked to the nearby Charles to do something similar, but with water. Hagerty said the company is now looking to install this giant heat pump at Kendall, with plans to get it online in 2028. Advertisement Hagerty said Vicinity's private equity owners at Antin Infrastructure Partners have been fully on board with these plans. DiCroce's background was in engineering, dating to his college years at the Massachusetts Maritime Academy in Bourne, after graduating from Brockton High. Many of his Mass. Maritime peers went into the energy business if they didn't go to work on a ship; DiCroce chose the former route. He would go on to work at GE and Entergy as well as Eversource predecessors Boston Edison and NStar. He eventually ended up running Veolia's businesses in North America, consolidating corporate offices for the French company's energy, waste, and water business lines That spinout is what brought him to join the board of the Boston Green Ribbon Commission, a public-private partnership whose goal is improving the climate resiliency of the city and its buildings. Amy Longsworth, the commission's executive director, recalled some of the skepticism that DiCroce faced around the eSteam concept. 'He wasn't very well known to the Boston power-broker crowd [when he joined],' Longsworth said. 'He was fierce in his advocacy and his point of view. ... I remember people talking about the energy transition, and he just was frustrated that it wasn't happening faster, that we weren't seeing the light, that his view wasn't more broadly accepted.' As time went on, though, DiCroce's vision became more widely accepted. And as industry leaders learned of DiCroce's passing, they celebrated that ambition. Joe Curtatone of the Alliance for Climate Transition, a clean-energy business group, described DiCroce as a 'pioneer,' while Casey Bowers of the Environmental League of Massachusetts said she views DiCroce as someone who can 'see around that corner, and see where things are going.' Advertisement Kevin Slein, a senior vice president at lab landlord (and Vicinity customer) BioMed Realty, said the new electric-powered boiler and the planned heat pump system have the potential to change the world of district energy, to help building owners move away from fossil fuel heating sources. Slein has known DiCroce since their shared college years at Mass. Maritime, and was always impressed by his drive and engineering acumen and, then, his leadership skills as DiCroce rose to be a CEO. Slein said DiCroce's concept to channel a river's thermal energy, inspired by smaller-scale projects in Europe, could end up being replicated in cities across the country. Greening large-scale heating and cooling systems is considered one of the biggest challenges to reducing our overall carbon footprint. Bill DiCroce knew one novel solution was under our feet all along. Jon Chesto can be reached at
