Welcome!

News Feed Item

Vancouver Energy and Analysis Group Release Economic Findings

Vancouver Energy projected to generate $2 billion in local economic value

VANCOUVER, Wash., Aug. 22, 2014 /PRNewswire/ -- A new, independently conducted economic impact assessment from Analysis Group shows the proposed Vancouver Energy terminal will deliver significant economic benefit to the region, generating $2 billion in economic value and creating an average of more than 1,000 jobs annually.  

"Analysis Group's findings confirm our previous analysis. Vancouver Energy will have a major, positive economic impact on Vancouver and the region through the creation of an average of more than 1,000 jobs annually and billions of dollars in economic value added for the city, region and state of Washington," said Jared Larrabee, Vancouver Energy general manager. "In a recent poll, 69 percent of Clark County respondents and 64 percent of respondents statewide expressed support for the Vancouver Energy terminal, largely because of its potential economic benefits and contribution to U.S. energy independence efforts in an uncertain world. This latest assessment confirms they're right. We remain committed to improving the local and state economy, and we remain committed to operating safely and promoting our nation's energy independence while doing so."

The projected economic impacts identified in the assessment include:

  • $2 billion in economic value to the local and regional economy ($1.2 billion present value) through labor income and tax revenues, as well as income and profits created as a result of the terminal's direct, indirect and induced impacts
  • $1.6 billion in labor income ($890 million present value) during its construction and assumed first 15 years of operation
  • $22 million, one-time payment in state and local taxes during construction
  • $7.8 million in tax revenue annually once fully operational

Additionally, the terminal is expected to bring much-needed, high-value jobs to the region, including:

  • 320 full-time or equivalent jobs during construction
  • 176 direct, on-site jobs and 440 direct, off-site jobs once the terminal is fully operational

Additional indirect and induced jobs will be created by suppliers to the project and by subsequent rounds of spending in the region, bringing the total average number of jobs created by the project to over 1,000 jobs annually.

The economic impact assessment was conducted using best practices and proven methodologies by Dr. Todd Schatzki, Analysis Group Vice President, and Dr. Bruce Strombom, Analysis Group Managing Principal, who combine extensive experience in economic impact studies and energy and environmental analysis. Though commissioned by Tesoro Savage Petroleum Terminal LLC, the opinions expressed in the independent assessment are exclusively those of the authors.

"Our analysis finds that the development of Vancouver Energy would lead to increases in employment, labor income and tax revenues. These reflect the direct employment and local business activity from Vancouver Energy's construction and operation, as well as the multiplier effects as activity ripples through the region's economy," said Dr. Strombom.

The assessment is one of many studies that have been or will be provided to the Energy Facility Site Evaluation Council (EFSEC) – the body in charge of reviewing and permitting large, energy-related projects in Washington – as part of the preliminary draft environmental impact statement. Once EFSEC completes its thorough review process, it will make a recommendation to Washington Gov. Jay Inslee, who will make the final decision on permitting the terminal.

For more information about Vancouver Energy or to view the Analysis Group assessment in its entirety, visit VancouverEnergyUSA.com.  

Assessment Methodology
Analysis Group's "Assessment of Vancouver Energy Socioeconomic Impacts: Primary Economic Impacts" focuses on four metrics from the IMPLAN model that measure the impacts on a region's economy: employment, labor income, tax revenue and total economic value added. IMPLAN was used to gauge the economic impact of Vancouver Energy on the city of Vancouver and the 10 counties within a one-hour drive from the proposed terminal's location. Timing included Phase I of construction in year one; Phase II of construction to bring the facility to full capacity and start-up operations in year two; and the next 14 years during which the facility is fully operational.

About Analysis Group
Analysis Group's more than 500 professionals provide economic, financial and business strategy consulting to leading law firms, corporations and government agencies. The firm's 11 offices are located in Boston, Chicago, Dallas, Denver, Los Angeles, Menlo Park, New York, San Francisco and Washington, DC; and internationally in Montreal and Beijing. For more information, visit analysisgroup.com.

About Vancouver Energy
Vancouver Energy will serve a basic and important function: the safe transfer of North American crude oil from rail to ship. Doing so enables the crude oil to be efficiently transported to West Coast refineries, where it will be converted into transportation fuels for American families and businesses. Tesoro Refining & Marketing Company LLC and Savage Companies formed a joint venture to fully leverage their shared experience and expertise in safely and responsibly moving, storing and handling crude oil. The joint venture will develop, own and operate the proposed terminal at the Port of Vancouver USA – Vancouver Energy – subject to regulatory approval. For more information on Vancouver Energy, visit VancouverEnergyUSA.com.

CONTACT
Jennifer Minx, Vancouver Energy
[email protected] 
(210) 626-7702

Eileen Harrington, Analysis Group
[email protected] 
(617) 425-8193

SOURCE Vancouver Energy; Analysis Group

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"Storpool does only block-level storage so we do one thing extremely well. The growth in data is what drives the move to software-defined technologies in general and software-defined storage," explained Boyan Ivanov, CEO and co-founder at StorPool, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Is advanced scheduling in Kubernetes achievable?Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, answered these questions and demonstrated techniques for implementing advanced scheduling. For example, using spot instances and co...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
The need for greater agility and scalability necessitated the digital transformation in the form of following equation: monolithic to microservices to serverless architecture (FaaS). To keep up with the cut-throat competition, the organisations need to update their technology stack to make software development their differentiating factor. Thus microservices architecture emerged as a potential method to provide development teams with greater flexibility and other advantages, such as the abili...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.