January 24, 2011 - Press releases
Montréal, January 24, 2011 – In order to reduce its energy costs, Montréal’s Olympic Village, which has more than 1,000 rental units, decided to replace the obsolete electrical equipment used to produce domestic hot water by high energy efficiency natural gas appliances. Given the competitive price of natural gas, the Olympic Village will save an average of $65,350 a year in energy costs, and the completed project will have a payback period of 3.3 years, thanks to financial assistance from Gaz Métro.
A tailor-made solution: More economical and better adapted
Initially, each of the two pyramids of this Montréal icon had a water tank heated by a system of electric heating elements. “Over time, the electrical system in the two towers proved no longer able to produce enough of the domestic hot water needed. Also, the increased maintenance and production costs became an important issue for us,” said Kevor Meterissian of Cogir Management Corporation, the company that manages the Olympic Pyramids.
The customer chose to install three high energy efficiency natural gas condensing boilers and two 10,000-litre pressure tanks in each of the two towers. The work was completed for the first tower in summer 2010 and the work on the second tower is planned for 2011.
Generous financial assistance
Thanks to Gaz Métro’s Energy Efficiency Programs and the Consumption Rebate Program, the Olympic Village was able to benefit from significant financial assistance, equal to 40% of the investment costs for replacing the electrical system by new natural gas equipment. The 3.3-year payback period made the project particularly attractive.
Natural gas: Less expensive than electricity for 12 years
“We are delighted that the Olympic Village has chosen natural gas to supply its new equipment. This equipment will serve to produce hot water in a greater quantity at a higher temperature and at less cost for our customer. It will mean annual savings of $65,350 per year on the bill for heating domestic hot water, once the work has been completed on the two towers,” added Patrick Mekhaël, Sales Director, Major Accounts, at Gaz Métro.
About the Olympic Village
The Olympic Village was built in 1976 to house the athletes during the Montréal Olympic Games. After the event, the complex was converted into a rental apartment building. Located at 5111 Sherbrooke Street East in Montréal, this impressive complex comprises two 23-floor buildings in the shape of a pyramid, hence the name Olympic Pyramids. The complex includes almost 1,000 units, from studios to 5½-room suites, and more than 200,000 square feet of commercial space. Owned by the El-Ad Group, the Olympic Village has been managed since January 2010 by Cogir Management Corporation.
Gaz Métro Overview
With over 3.6 billion in assets, Gaz Métro is Québec’s leading natural gas distributor. Operating in this regulated industry for over 50 years, Gaz Métro has become the trusted energy provider to some 182,000 customers in Québec and 138,000 customers in Vermont, while developing the skills and expertise needed to diversify beyond natural gas. Gaz Métro’s prudent growth strategy has been marked by the successful entry into electricity distribution in Vermont and the development of wind power projects in Québec. Offering historically strong and stable distributions and showing a competitive spirit, Gaz Métro is committed to its customers, Partners, employees and the community. www.gazmetro.com
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