11 Madison Avenue

Credit Suisse, a leading global investment banking and financial services firm, was recognized by New York State and City officials for installing ice storage based air-conditioning.

Project Facts

  • Retrofit
  • Saves $1 million a year on its electric bill
  • Facility’s peak energy usage reduced by 900kW
  • Overall electric usage reduced by 2.15 million kWh
  • Improved site resiliency.
  • The environmental benefits from this Thermal Storage System are equivalent to Credit Suisse taking 223 cars off the streets or planting 1.9 million acres of trees to absorb the carbon dioxide caused by electrical usage for one year.
  • Ice Storage- How and Why
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  • Watch the video.

Overview

Credit Suisse, a leading global investment banking and financial services firm, was recognized by State and City officials for installing New York City’s largest ice storage based air-conditioning system, which delivers dramatic energy savings. Officials from the New York State Energy Research and Development Authority (NYSERDA), who helped fund the project, praised company officials for their commitment to energy efficiency and the environment. The system, which was unveiled at a ceremony held at Credit Suisse’s New York headquarters, located at Eleven Madison Avenue, will lower the facility’s peak energy usage by 900kW, reduce overall electric usage by 2.15 million kWh, while delivering improved site resiliency.


“I am pleased that Credit Suisse’s efforts to conserve energy by acting in an environmentally responsible manner have been recognized by New York,” said Brady Dougan, CEO of the Investment Banking Division of Credit Suisse. “Sustainable economic growth and the conservation of natural resources are major priorities of our bank which has had an environmental policy in place since 1995.”

“Assisting New York companies in meeting their energy needs in ways that also improve our environment is part of NYSERDA’s mission,” said Peter R. Smith, President of NYSERDA. “The thermal ice storage system that is being employed here is the direct result of a tremendous partnership of firms coming together, and finding an innovative solution that saves energy, money, and the environment.”

“The Sapir Organization, as owner of Eleven Madison Avenue, was pleased to help enable and facilitate the planning and installation of this very successful energy conservation project.  We applaud the efforts of NYSERDA, Credit Suisse and the entire engineering and manufacturing team that has brought this project to reality,” said Jim DeCuzzi, CEO of the Sapir Organization.

“The Bloomberg Administration is committed to supporting innovative ways to address New York City’s growing energy needs, and the installation of a thermal storage system in Manhattan is a terrific example,” said Gil Quiniones, chair of the New York City Energy Policy Task Force. “Our 2004 report identified thermal storage as an important potential resource for New York City.  I commend Credit Suisse for taking the lead and investing in this important project, and I want to thank the New York State Energy Research and Development Authority, CALMAC Manufacturing Corporation and Trane Company for their involvement. I am confident the success of this project will encourage others to recognize the substantial opportunities offered by this technology.”

“The Sapir Organization, as owner of Eleven Madison Avenue, was pleased to help enable and facilitate the planning and installation of this very successful energy conservation project.  We applaud the efforts of NYSERDA, Credit Suisse and the entire engineering and manufacturing team that has brought this project to reality,” said Jim DeCuzzi, CEO of the Sapir Organization.

Challenge

Faced with the life cycle replacement of their chiller plant equipment, Credit Suisse opted to explore the prospects of a high performance building that addressed the overall goals of Energy Savings, Improved Resiliency and Environmental Consciousness.  As part of this plan to improve the building’s energy performance, Credit Suisse brought in Trane Company to develop an energy solution that would meet their three main project objectives. Trane Company, with the help of ECM, proposed a thermal storage solution that would shift the electrical load from daytime to nighttime when electricity is more plentiful, less expensive and generated more efficiently. In addition, the system would also reduce consumption and demand via a more efficient low flow/low temp chilled water operation, and an expanded free cooling season made possible by the Ice System’s ability to facilitate the transition between free cooling and mechanical cooling.

Results

The new system configuration consists of three 800-ton Trane CenTraVac® Chillers and 64 IceBank® Thermal Storage Tanks from CALMAC. EYP Mission Critical Facilities provided the electrical and mechanical engineering needed to support the 7x24x365 operations of the facility. In addition to the energy savings cited earlier, the environmental benefits from this Thermal Storage System are equivalent to Credit Suisse taking 223 cars off the streets or planting 1.9 million acres of trees to absorb the carbon dioxide caused by electrical usage for one year. The system also provides energy reliability for the City’s power grid, since thermal storage systems are seen as a viable method of shifting the peak electric demand for cooling permanently from on-peak to off-peak hours, as noted by the New York City Energy Policy Task Force in a report to Mayor Michael R. Bloomberg.

The New York State Energy, Research and Development Authority (NYSERDA) presented Credit Suisse with a ceremonial check in the amount of $820,000 representing the amount of the incentives provided by NYSERDA through its New York Energy Smart™ Commercial and Industrial Performance Program, and its Peak-Load Reduction Program.  Both programs provide technical and financial assistance to businesses, to reduce energy costs and improve the reliability of the State’s electrical grid, especially in the New York City area where peak load demand reductions are important.

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