Harvard Case - Renewable Energy at the National Aquarium
"Renewable Energy at the National Aquarium" Harvard business case study is written by Jeremiah Johnson. It deals with the challenges in the field of Strategy. The case study is 28 page(s) long and it was first published on : Mar 23, 2016
At Fern Fort University, we recommend the National Aquarium adopt a multi-pronged strategy to achieve energy independence and environmental sustainability. This strategy involves a combination of renewable energy generation, energy efficiency improvements, and strategic partnerships with organizations committed to similar goals.
2. Background
The National Aquarium, a renowned institution dedicated to marine conservation and education, faces the challenge of reducing its environmental footprint while maintaining its operational efficiency. The case study highlights the aquarium's high energy consumption, particularly from its large-scale exhibits and life support systems. The aquarium is exploring renewable energy options to decrease its reliance on fossil fuels and contribute to a more sustainable future.
The main protagonists of the case study are:
- John Racanelli: The aquarium's president and CEO, who is committed to environmental sustainability and recognizes the need for a strategic approach to renewable energy.
- The Board of Directors: They are responsible for approving major investments and ensuring the aquarium's financial stability.
- The Aquarium's Staff: They are responsible for daily operations and implementing new initiatives.
- Potential Partners: Organizations like the Maryland Energy Administration and local renewable energy companies.
3. Analysis of the Case Study
Strategic Framework: We will utilize a combination of frameworks to analyze the aquarium's situation:
- Porter's Five Forces: Analyzing the competitive forces within the aquarium industry, including the threat of new entrants, the bargaining power of suppliers and buyers, and the threat of substitutes.
- SWOT Analysis: Identifying the aquarium's internal strengths and weaknesses, as well as external opportunities and threats related to renewable energy adoption.
- Value Chain Analysis: Examining the aquarium's core activities and identifying opportunities for cost reduction and value creation through renewable energy integration.
- Business Model Innovation: Exploring new business models that leverage renewable energy to generate revenue and enhance sustainability.
Analysis:
- Porter's Five Forces: The aquarium industry is characterized by high competition, with many institutions vying for funding and visitor attention. The threat of new entrants is moderate, as establishing a large-scale aquarium requires significant capital investment. The bargaining power of suppliers is relatively low, as the aquarium can source its supplies from multiple vendors. The threat of substitutes is moderate, as visitors may choose alternative forms of entertainment.
- SWOT Analysis:
- Strengths: Strong brand recognition, dedicated staff, commitment to conservation, and a loyal visitor base.
- Weaknesses: High energy consumption, limited financial resources, and potential technical challenges in implementing renewable energy solutions.
- Opportunities: Growing public interest in environmental sustainability, government incentives for renewable energy adoption, and technological advancements in renewable energy technologies.
- Threats: Rising energy costs, potential regulatory changes, and competition from other attractions.
- Value Chain Analysis: The aquarium's value chain includes activities like research, conservation, education, and visitor experience. Renewable energy integration can improve efficiency in areas like building operations, water treatment, and exhibit maintenance, thus reducing costs and enhancing the visitor experience.
- Business Model Innovation: The aquarium can explore innovative business models, such as selling excess renewable energy generated to the grid, offering educational programs on renewable energy, and partnering with local businesses to promote sustainable practices.
4. Recommendations
Phase 1: Immediate Actions:
- Conduct a Comprehensive Energy Audit: This will provide a detailed assessment of the aquarium's energy consumption patterns, identify areas for improvement, and inform the development of a comprehensive renewable energy strategy.
- Implement Energy Efficiency Measures: Prioritize cost-effective energy efficiency improvements, such as LED lighting upgrades, HVAC system optimization, and water conservation measures.
- Explore Solar Energy Potential: Assess the feasibility of installing solar panels on the aquarium's roof and other suitable locations.
- Engage in Strategic Partnerships: Collaborate with organizations like the Maryland Energy Administration, local renewable energy companies, and other aquariums to gain access to expertise, funding, and best practices.
Phase 2: Long-Term Strategy:
- Develop a Renewable Energy Roadmap: This roadmap should outline the aquarium's long-term goals for renewable energy adoption, including specific targets for energy reduction and renewable energy generation.
- Invest in Renewable Energy Technologies: Based on the energy audit and feasibility studies, invest in appropriate renewable energy technologies, such as solar panels, wind turbines, or geothermal systems.
- Promote Sustainability Initiatives: Educate visitors and staff about the aquarium's sustainability efforts and encourage them to adopt sustainable practices in their daily lives.
- Monitor and Evaluate Progress: Regularly track the aquarium's energy consumption, renewable energy generation, and environmental impact. Use this data to refine the strategy and ensure continuous improvement.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with the aquarium's mission of conservation and education, while also leveraging its core competencies in research, animal care, and visitor engagement.
- External Customers and Internal Clients: The recommendations aim to improve the visitor experience by creating a more sustainable and environmentally responsible institution. They also benefit internal clients by reducing operational costs and creating a more positive work environment.
- Competitors: The recommendations position the aquarium as a leader in sustainability within the industry, attracting visitors and potential partners who value environmental responsibility.
- Attractiveness - Quantitative Measures: The recommendations are expected to generate long-term cost savings through reduced energy consumption and increased revenue through potential energy sales. The financial benefits will be further enhanced by government incentives and potential grants.
Assumptions:
- The aquarium has access to sufficient funding to implement the recommended initiatives.
- Technological advancements in renewable energy will continue to improve efficiency and reduce costs.
- Public awareness and support for sustainability will continue to grow.
6. Conclusion
By adopting a comprehensive and strategic approach to renewable energy, the National Aquarium can achieve significant environmental and financial benefits. This strategy will not only reduce the aquarium's carbon footprint but also enhance its reputation as a leader in sustainability, attracting visitors, partners, and funding for future conservation efforts.
7. Discussion
Alternative Options:
- Purchasing Renewable Energy Credits (RECs): While this option provides immediate environmental benefits, it does not directly contribute to renewable energy generation and may not be as cost-effective in the long run.
- Focusing solely on Energy Efficiency: While energy efficiency measures are crucial, they alone may not be sufficient to achieve the aquarium's sustainability goals.
Risks and Key Assumptions:
- Financial Risk: The initial investment in renewable energy technologies may be significant.
- Technological Risk: Rapid technological advancements in renewable energy may require ongoing investments to stay competitive.
- Regulatory Risk: Changes in government policies and regulations could impact the financial viability of renewable energy projects.
Options Grid:
| Option | Benefits | Risks | Assumptions |
|---|---|---|---|
| Multi-pronged Strategy | Significant environmental and financial benefits, strengthens brand reputation | Higher initial investment, potential technological and regulatory risks | Sufficient funding, continued technological advancements, supportive government policies |
| RECs | Immediate environmental benefits, relatively low cost | Does not directly contribute to renewable energy generation, may not be as cost-effective in the long run | Availability of RECs, consistent pricing |
| Energy Efficiency Only | Cost savings, reduced energy consumption | May not be sufficient to achieve sustainability goals, limited impact on brand reputation | Significant potential for energy efficiency improvements |
8. Next Steps
Timeline:
- Year 1: Conduct energy audit, implement energy efficiency measures, explore solar energy potential, and establish strategic partnerships.
- Year 2: Develop renewable energy roadmap, invest in renewable energy technologies, and launch sustainability education programs.
- Year 3: Monitor and evaluate progress, refine the strategy, and expand renewable energy initiatives.
Key Milestones:
- Completion of the energy audit and identification of key areas for improvement.
- Implementation of cost-effective energy efficiency measures.
- Feasibility study and selection of appropriate renewable energy technologies.
- Establishment of strategic partnerships with key stakeholders.
- Public announcement of the aquarium's renewable energy goals and initiatives.
By taking these steps, the National Aquarium can position itself as a leader in environmental sustainability, demonstrating its commitment to protecting the oceans and inspiring future generations to embrace a more sustainable future.
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Case Description
Christina Gomez, energy and sustainability manager for the National Aquarium in Maryland, is looking back at the success the organization has had over the past two years in shrinking its environmental footprint. It is impressive. But bigger challenges lie ahead. The organization has a huge electricity bill, totaling $1.5 million in 2013 alone. She has three options she is considering to lower the bill and green the aquarium's operations further. Students are asked to weigh the pros and cons of each and choose the best solution.
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