HEC-Ecole de gestion de l'Université de Liège
HEC-Ecole de gestion de l'Université de Liège

Etude de solutions de financement alternatives pour les investissements en matière d'éclairage public.

Wehenkel, Thomas ULiège
Promotor(s) : Depraetere, Pascal ULiège
Date of defense : 25-Jun-2016/6-Jun-2016 • Permalink :
Title : Etude de solutions de financement alternatives pour les investissements en matière d'éclairage public.
Translated title : [en] Study of alternative financing solutions for investments in public lighting
Author : Wehenkel, Thomas ULiège
Date of defense  : 25-Jun-2016/6-Jun-2016
Advisor(s) : Depraetere, Pascal ULiège
Committee's member(s) : Magis, Alain ULiège
Crutzen, Nathalie ULiège
Language : French
Number of pages : 56
Keywords : [en] Utility
[en] Finance
[en] DNO
[en] LED
[en] Public lighting
[fr] RESA
[fr] OSP
[fr] Obligations de Service Public
[fr] Réseau
[fr] GRD
[fr] Communes
[fr] LED
[fr] Finance
[fr] Eclairage
Discipline(s) : Business & economic sciences > Finance
Commentary : Le modèle construit dans le cadre de ce travail peut-être fourni sur demande.
Target public : Professionals of domain
General public
Institution(s) : Université de Liège, Liège, Belgique
Degree: Master en sciences de gestion, à finalité spécialisée en management général
Faculty: Master thesis of the HEC-Ecole de gestion de l'Université de Liège


[en] This master thesis is about the implementation of a massive program of replacement
of public lighting aiming to allow municipalities to reduce their energy bills while trying
to reduce the burden on maintenance costs for the distribution network operator (DNO).
To do this, the outbreak of LED technology is timely. The many benefits of this technology
- the very long lifetime, their improved energy efficiency, the light quality they
provide, and the commercial guarantees obtained - allow it to prevail over conventional
technologies to achieve the objectives introduced above.
Despite more than interesting returns on investment for these renovation projects of
public lighting, from 1 to 5 years depending on the characteristics of public lighting parks,
municipal budgets are unfortunately not sufficient and therefore these operations may not
be achieved only based on these budgets. Therefore, alternative methods have been sought
to enable the financing of these projects.
It is in the context of the study of these alternatives that the subject of this thesis
is positioned. The first goal was to identify a number of realistic alternatives in order to
finance these projects. Several paths were studied : out-of-tag investment or operational
leasing, and the management of the investment, fully or partially, by the DNO via his public
service obligation. In order to compare these various alternatives, we studied their impacts
for the various stakeholders that are the DNO, the municipalities and the households.



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  • Wehenkel, Thomas ULiège Université de Liège > Master sc. gestion, fin. spéc. manag. gén (H.D.) (ex 2e ma.)


Committee's member(s)

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