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Lack of investment by companies

In order to achieve the energy-related goals of the EU and its member states, the so-called Energy Related Investments (ERI) must increase.

The lack of investment on the part of companies is not only due to a lack of capital. The lack of reliable financial assessments of the benefits of ERI also plays a role: sometimes companies were willing to make the corresponding investments, but often the economic efficiency of the measures was assessed inconsistently or under false assumptions, which meant that the decision-making level lacked a solid basis. Previous economic efficiency assessments, such as static or dynamic amortisation time considerations, did not take essential aspects into account and called for standardisation.

"DIN EN 17463:2021: Valuation of energy-related investments" is intended to close this gap. Uniform standards and methodologies are to bring the technical departments together with the financial departments so that well-founded decisions can be made.

Fields of application

The "DIN EN 17463:2021-12: Assessment of energy-related investments" is used in various legal regulations and aid procedures. It serves, in relation to subsidies and reporting obligations, as a basis for assessing whether the identified measures are economic and must be implemented or not (so-called ecological counterpart).


Energy Efficiency Act (EnEfG)

The Act sets energy efficiency targets for primary and final energy. The EnEfG thus makes an important contribution to Germany's climate targets and implements key requirements from the EU Energy Efficiency Directive (EED). Energy-intensive companies (from 7.5 GWh p.a. total final energy consumption) must introduce an energy management system in accordance with ISO 50001 or an environmental management system in accordance with EMAS by 18 July 2025 at the latest.

Additional requirements for the above-mentioned companies

  • Recording the supply and discharge of energy, process temperatures and waste heat-carrying media with the respective temperatures, heat quantities and possible ingredients
  • Recording the technically avoidable and technically unavoidable waste heat for the named waste heat sources and evaluating any possible measures for waste heat recovery and utilisation
  • Identify and present technically feasible final energy saving measures and measures for waste heat recovery and utilisation

Less energy-intensive companies (> 2.5 GWh) must develop and publish implementation plans within three years for the energy end-use efficiency measures identified as economically viable within the last three completed calendar years.

⇒ Economic efficiency assessment of the identified measures in accordance with DIN EN 17463



The Mittel­fristen­ergie­versorgungs­sicherungs­maßnahmen­verordnung (EnSimiMaV = Medium-Term Energy Supply Assurance Measures Ordinance) regulates measures for energy­saving and sets binding implementation­obligations of energy­efficiency­measures for companies affected by the EDL-G.

⇒ Positive net present value after a maximum of 20% of the useful life (max. 15 years)


Energy Financing Act (EnFG)

The Energy Financing Act (EnFG) regulates the financing of the expenses incurred by grid operators under the Renewable Energy Sources Act (EEG) and the Combined Heat and Power Act (KWKG) and in connection with the offshore grid connection. Economic measures must be implemented within 3 years via a self-declaration by 30.06.2023.

⇒ Positive net present value after a maximum of 90% of the useful life or after 60% for the transition period from 2023-2025



Fuel Emissions Trading and Carbon Leakage Regulation: In order to avoid a possible shift of greenhouse gases to other European countries (carbon leakage) as a result of the Fuel Emissions Trading Act (BEHG), the German government has decided on corresponding subsidies for the sectors affected. Among other things, the aid pursuant to §11 BEHG requires an investment obligation for economic measures in the BECV.

⇒ Positive net present value after a maximum of 60% of the useful life (valuation period max. 9 years) or amortisation period of three years.


Electricity price compensation

In order to maintain the international competitiveness of companies against their competitors, companies can compensate for the higher costs of purchased electricity from European emissions trading by submitting an application to the German Emissions Trading Authority (DEHSt). The application also includes, among other things, an investment commitment for economic energy efficiency measures.

⇒ Positive net present value after a maximum of 60% of the useful life (valuation period max. 9 years) or amortisation period of three years.


The respective threshold value for economic viability, i.e. the point in time for the positive net present value, can vary in the process and is determined by the legislation.

Further information on the individual regulations can be found at GUTcert.

Deadlines for the provision of evidence

EnSiMimaV – 1 April 2024 (one-time)

Energy efficiency measures identified by 01.10.2022 must be implemented within 18 months, i.e. by 01.04.2024, according to § 4 EnSiMimaV.

EnFG – annually as of 30 June

30.06.2023: Proof of implementation of all economic energy efficiency energy efficiency measures or self-declaration with intended investments within the next three years (alternatively other environmental ecological counterpart).

BECV – annually as of 30 June

Accounting year 2023: until 30.06.2024 (annually thereafter) Proof to DEHSt of investments made or no identification of economically feasible measures (alternatively other environmental counterpart).

Electricity price compensation – annually as of 30 June

For 2021 to 2024: Implementation of the identified economic energy efficiency measures, at least in the amount of the disbursed aid (from 2025 for the previous year). If the investment amount is less than 50% of the aid amount, § 11 BECV applies with definition of economic efficiency and verification to DEHSt.

Normative requirements: Monetising benefits and burdens

Whether an energy-related investment or energy efficiency measure is considered economic in implementation depends on many technical and financial factors. DIN EN 17463 (VALERI) specifies how information is collected, calculated, evaluated and documented in order to create sound business cases based on net present value calculations for measures and to determine their useful life and net present values.

Benefits and burdens must be financially quantifiable through payments and receipts within the assessment period (cash flow). Influencing factors such as expected price fluctuations or degradation must also be taken into account.



Area Example
Energy (Company)
  • Improved maintainability
  • Extended maintenance frequency, reduced maintenance time
  • Cost savings on consumables (sealing material, filters, ...)
  • Less material used in production, for example by reducing waste, optimising construction and product design (e.g. lightweight construction, increased material recycling etc.)
  • Less susceptibility to repair
  • Increased plant availability
  • Increased productivity of the plant, lower production costs
  • Less waste costs, less rejects
Quality of product
  • Improved tolerances in production, thus higher quality products possible
  • Grants from funding programmes
Conditions of Purchase
  • Indirect influences on electricity procurement costs (e.g. changed contract conditions due to lower or increased electricity procurement)


Area Example
Planning costs
  • Feasibility studies and preliminary investigations (not to be taken into account according to DEHSt guidelines on ecological compensation)
  • Technical planning, implementation planning, construction supervision
Acquisition costs
  • Purchase price, rental/leasing costs, transport costs, installation costs
  • Liquidity consideration and effects of borrowing on the overall result
Operation and maintenance costs
  • Energy costs / electricity, diesel, petrol...
  • Drinking water and waste water costs
  • Consumables (paper, toner, lubricants...)
  • Taxes (car...), insurances (liability, comprehensive insurance...)
  • Staff training costs (cleaning staff...)
  • Maintenance costs (facility...)
  • Repair costs (spare parts, labour)
  • Costs for necessary supplies
Costs of disposal
  • Transport to the disposal company, waste treatment according to the law
  • Treatment of pollutants
Remaining value
  • Income from sale, value of the object if used beyond the period of use

Non-quantifiable benefits and burdens, such as noise reduction, image gain, etc., can be taken into account, but in our opinion are not absolutely necessary for the economic efficiency analysis within the legal obligations. Personnel cost savings are not considered in the analysis.

Determine calculation variables

In order to calculate the net present value, the following calculation variables are necessary in addition to benefits, burdens and useful life:


Basic interest rate

The interest rate to be used is based on the internal interest rate of the best alternative (in the case of industrial companies often on its internal rate of return [return on assets]) if the efficiency project is financed with own funds, and on the lending rate in the case of full loan financing. In the case of mixed financing, a mixed interest rate should be chosen.


Annual fluctuations in energy prices

The future energy price fluctuation depends on complex influencing parameters and varies depending on the prevailing circumstances (electricity profile, contracts, type of procurement). An individual analysis is necessary.

Note: according to the BAFA bulletin, an energy price increase of 4% is forecast.

Supplementary sources for an analysis of electricity price developments:


Actual specific energy price

The specific energy price can be derived from the existing contracts and last energy bills and forms the basis for the estimated annual energy price fluctuations.


Annual fluctuations in energy prices (no energy)

Price fluctuations for non-energies relate, for example, to personnel costs, material costs or rental costs.

Note: For non-energy, there are various publications from public statistical offices of the federal states in which the price increase for non-energy can be determined via the consumer price index. For example, according to the Bremen State Statistical Office, the general price increase rate was 3.4% in 2021 and 8.7% in 2022. Within the exemplary calculation in DIN EN 17463, the rate of increase is 3.4%; in the BAFA leaflet, a factor of 4% is assumed.


Technical savings potential

This maps the effect of the energy efficiency measure on energy consumption, which results, among other things, from improved design, higher efficiencies or reduced maintenance times (cf. table of benefits under "Normative requirements: Monetising benefits and burdens")


Investment expenditure

The calculation parameters can be used to adjust the cash flows for the periods taken into account by the future price increases. In this way, the "net cash flow" can be calculated and discounted to today's net present value (NPV).

This results in the NPV as the target value for the profitability analysis as an indicator for the investment decision. The equation for the present capital value is:

Thereby are

q = (1+r)

the discounting factor


the payment at the end of period t


the imputed interest value
(as decimal value)



Various Excel tools provide assistance here, such as the Excel tool used in the GUTcert free webinar by Prof. Dr Ulrich Nissen (Professor of Controlling and Energy Management).


The assessment report shall contain:
  • A comprehensible description of the project
  • Analysis of scenarios
  • The identified benefits and burdens
  • Basic assumptions on the calculation variables (interest rate, price increase)
  • Sensitivity analysis (voluntary)


  • Checklist in Annex E of DIN EN 17463:2021-12
  • Table sheet "Report" in Nissen-Excel-Tool.

Experience shows that the calculation parameters are subject to greater fluctuations. Therefore, DIN EN 17463:2021-12 provides for a mandatory scenario analysis for the most essential input parameters.

The analysis is carried out by simultaneously varying all setting parameters and deciding between three scenarios: Best Case, Worst Case and Most Likely Scenario. This "extreme value analysis" is used to derive an approximate value from the many influencing factors for the most probable or realistic case.

The sensitivity analysis, in which the individual influencing factors are weighted, is voluntary, but should be roughly estimated in order to set priorities for auditing.

Various approaches can be used for the useful life. They are either based on predefined depreciation tables (AfA depreciation table or VDI 2067 "Wirtschaftlichkeit gebäudetechnischer Anlagen"), are supported by study and literature values (e.g. service life of heat pumps from the Zurich University of Applied Sciences) or are based on information from manufacturers. Here, the individual sources should be compared with each other and special installation and operating conditions should be taken into account.


With four focus areas for the review of ecological trade-offs

For the verification of the presented legal requirements with context to DIN EN 17463, several steps are necessary to ensure that all ecological compensation has been provided via the economic energy efficiency measures.

Completion check

Process analysis of the procedures and processes to identify the economic energy efficiency measures within the scope of the energy management system or audit


The basic methodology for the economic assessment of energy-related investments (VALERI) for measures according to DIN EN 17463 is evaluated.


Here, the calculations made according to DIN EN 17463 for the specified measures are examined


Review of the processes and conditions for the implementation of the identified economic energy efficiency measures

Re-evaluate your internal processes and procedures for approval and project implementation in order to create the framework conditions for a quick and efficient implementation of the measures.

Frequently asked questions about DIN EN 17463 (VALERI)

Which energy efficiency measures are affected?

At least the energy efficiency measures identified as non-economic from the currently adopted action plan (energy savings programme) according to chapter 6.2.3 ISO 50001 (or for EMAS companies a list according to the current environmental programme) shall be verified. The individual actions (measures) from the action planning should, in accordance with the energy planning process, at least take into account the SEUs defined by the company or have been derived from the analysis of these (cf. 6.3).

Does the time lag between investment and implementation of the measure shift the useful life?

The period between investment and commissioning of the measure (start of the useful life) must be taken into account for the economic efficiency calculation and must be mapped within the periods. For the assessment of the useful life according to the legal requirements, the starting point is the first year in which the measure becomes effective. Thus, for example, in the case of a current investment that only leads to energy savings in the third subsequent year, no benefit would be posted in the periods t1-t2. Only in t3, when the first cash flow from the electricity savings of the measure is available, does the useful life begin.

Which documents does the auditor request in preparation for the audit?

  • Self-declaration to be certified
  • Management review
  • Evaluation report for existing energy efficiency measures according to No. 9D in EN 17463 (if possible in a comprehensive Excel list with all measures).
  • Current planning of action
  • List of measures with implemented and non-implemented actions plus "list of ideas" incl. prioritisation (clusters) with signature of management
  • Internal specifications for determining the calculation interest rate

What needs to be checked?

The input parameters for the VALERI calculation (base rate of interest, rate of increase in energy prices, specific electricity costs, technical savings potential, investment expenditure) are decisive. Underlying specifications (group specifications, study results, etc.) must be checked for plausibility and consistency with other internal investment decisions made.

What exactly is the content of the confirmation?

  1. Date of review
  2. Confirmation that the energy efficiency measures identified by the energy management / energy audit / EMAS have been assessed in conformity with VALERI and that all measures identified as economic are either in the process of implementation or have already been implemented, depending on the legal basis. If measures identified as economic have not been implemented, this shall be explicitly justified, indicating any exemptions.
  3. Release of the insertion point

What should the examination include?

In addition to the general overview (energy savings programme), there should be a performance review for each individual measure, including a profitability analysis according to DIN EN 17463. In order to assess the correctness of the profitability analysis, the action planning decided by the top management from the last management review (9.3) is relevant.

Fundamentally, however, the auditor should also always understand how opportunities for improvement are identified in order to be able to determine and prioritise opportunities (ideas) for improvement. The transition from an idea to a decision-making measure (energy saving project) should be critically scrutinised. It should also be examined whether a re-evaluation of formerly rejected projects has taken place due to changed circumstances (especially the energy price situation).

What is the application of the EnSimiMaV in the transitional regime?

After consultation with BAFA on 03.05.2023, it was confirmed that an obligation under EnSimiMaV also exists and must be implemented within the deadline (18 months) if a company:

  • for example, the company had an energy audit in 2020 and the next energy audit would not take place until 2024.
  • has switched from EMAS to energy audit and is thus theoretically in the "follow-up period of 4 years after the last (review) audit".

Measures identified in previous energy audits / in previous EMS / EMS (if no more recent energy audit / EMS / EMS is available) must be re-evaluated accordingly according to DIN EN 17463 and then implemented if economically feasible.

What liability risks are associated with the confirmation of measures according to EnSimiMaV for the certification body?

Enforcement is carried out by the individual federal states, which is why the BMWK cannot make any overarching legal interpretations here. So far, there are no provisions for fines. Risk of compliance with ISO 50001 requirements or omitted audit actions.

For a project carry-over into the following year, does the ACTUAL investment amount count or the PLAN investment amount?

The ACTUAL investment sum must always be taken into account.

You would like to learn more about DIN EN 17463 (VALERI)?

Auf den Seiten der GUTcert Akademie finden Sie verschiedene Seminare zu Energiemanagement, DIN EN 17463 (VALERI) und verwandte Themengebiete.


Energy management

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Courses on energy management


Economic efficiency analysis

Go into the evaluation of your own measures well prepared:

Courses for economic efficiency analysis


Environmental management

With management systems for the environment (EMAS / ISO 14001), you make an important contribution to climate protection and secure further advantages such as reduced costs, compliance and tax benefits.

Courses on environmental management


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The GUTcert VALERI team

If you are carrying out a profitability analysis in your company and are seeking an independent audit for this by an  accredited verification body body or audit-authorised body, a certifier or environmental verifier, for this purpose, the experts in our specialist department will answer your questions about the exact procedure and, if you are interested, will prepare a non-binding offer. Please contact us using the form below.

Up-to-date information on IN EN 17463 (VALERI) and the certification of environmental and energy management systems, among other things, is also available in the GUTcert newsletter "GUT zu Wissen" (in German only) which you can subscribe to here.


David Kroll

+49 30 2332021-633

Jochen Buser

+49 30 2332021-611

Bruno Moch

+49 30 2332021-501

Markus Altenburg

+49 30 2332021-488

Sylvia Kastanowicz

+49 30 2332021-177


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As an accredited, independent verification/validation body, GUTcert itself does not offer any consultancy services; the list of consultants serves as an initial orientation and makes no claim to a qualitative assessment by GUTcert. The use of an advisory service has no effect on a verification or validation for us. You can also involve other consultants/specialist institutions at any time.