mckinsey -重塑未来：燃气分销商制胜的新运营模式 Rethinking the future A new operating model for gas distributor success

Mcsey

&company

Oil&GasPractice

Rethinkingthefuture:

Anewoperatingmodel

forgasdistributorsuccess

Anewtargetoperatingmodeliscrucialifgasdistributionsystemoperatorsaretocapturetheopportunitiespresentedbychangingmarketforces.

byAlessandroAgostaandHumayunTai

withBeatriceEnrico

©GettyImages

July2025

Gasdistributionsystemoperators(DSOs)

havehistoricallyplayedakeyroleineconomic

development,contributingtobothindustrialgrowthandimprovedqualityoflifeforhouseholds.However,thecurrentneedtobalancethedemandsofthe

energytransitionwhilemaintainingresilience,

competitiveness,affordability,andsecurityofsupplyputsmountingpressureonDSOs.Theymust,atthesametime,navigatecomplexinternalandexternal

forceswithintheiroperatingenvironment,includinganagingnetwork,regulatoryconstraints,and

evolvingcustomerexpectations.

Whilethesechallengesmaybeformidable,they

openthedoortotransformation,presentinguniqueopportunitiesforDSOs.Capturingthem,however,

willrequirearethinkofcurrentoperatingmodels,

includingembracinganeffectivecapitalexpenditure(capex)machine,buildingadigitalnetwork,ensuring

efficientoperationswithnewcapabilitiescenteredaroundcustomers,anddrivingmultidimensional

growth.IfDSOscanachievethistransformation,ouranalysissuggeststhatoperatingcostefficiency

couldincreasebyupto30percent.

Drawingoninsightsfromourworkwithleadingcompaniesintheindustry,weexploretheforcesreshapingthesectorandhowDSOscanupdatetheiroperationalapproachinresponse.

Forcesareimpactinggasdistributioninfrastructure,necessitatingachangeintheoperatingmodel

Bothinternalandexternalforcesareputting

pressureonDSOstoadapttoshiftingcircumstancesandrethinktheiroperatingmodels(Exhibit1).

Exhibit1

Gasdistributioninfrastructureisshapedbymanyforces,necessitatingachangeinoperatingmodel.

Internalandexternalforcesa仟ectinggasdistributioninfrastructureInternalExternal

ForcesImplicationsfortheDSO¹Howtheoperatingmodelcouldbeadapted

Technologicalevolutionofthenetwork

•Higherinvestmentsininnovationanddigitalizationrequired

•Increasedcomplexityincapitalexpendituredeploymentmanagement

•Integrateanddigitalizeanend-to-endcapitalexpendituresdeploymentcycle

Variationinnetworkdensityandshape

•Tari仟andrevenuechallenges

•Networkdesignandinfrastructureoptimization

•Updatetheorganization’sgeographicalfootprint

Progressiveageingofthenetwork

•Increasedmaintenanceandreplacementcosts

•Higherecosystemsafetyandreliabilityrisks

•Adoptalate-lifeapproachtogridmanage-ment(eg,procurementstandardization)

Tensionbetween

convergenceand

interferencesofutilities

•Highercomplexityininfrastructuremanagement

•Increasedriskofdamageandsafetyconcerns

•Regulatoryandpermittingchallenges

•Improvecapillaryknowledgeofthenetworkforfastinterventionandpreciseinteractionswithotherstakeholders

Customerpreferencefordigitalchannels

•Higherexpectationsoncustomerserviceandengagement

•Higherinvestmentforupgradingdigitalplatforms

•Introduceanonlineuserexperiencetoallowcustomerstoseamlesslyinteractwiththe

DSO

Tighterregulatory

•Pushtostructurallymonitorandlowermethane

•Deployadvancedleakdetectiontechnology

requirements

emissions

•Pressuretoincreaseeficiency

toreducethegrid’sownemissions

1Distributionsystemoperators.

McKinsey&Company

2Rethinkingthefuture:Anewoperatingmodelforgasdistributorsuccess

Rethinkingthefuture:Anewoperatingmodelforgasdistributorsuccess3

Internalforces

InternalpressuresfromnetworkswithintheoperatingenvironmentareaffectingDSOs’operations.

Technologicalevolutionofthenetwork:Gas

distributionisconstantlyevolvingtoimprove

performanceandalignwiththeenergytransition,

includingtheintroductionofnewenergyvectors

suchasbiomethane.However,thistechnological

evolutionhasimplicationsforDSOs,requiringlargerinvestmentsininnovationanddigitalization,and

increasingthecomplexityincapexdeployment

management.Toovercomethesechallengesand

captureadditionalopportunities,DSOscould

updatetheiroperatingmodelsbyintegratingand

digitalizingtheend-to-endcapexdeploymentcycle.

Variationinnetworkdensityandshape:Changingcustomerhabitsandthepushforcleaner

energyareaffectinggasdistribution,withsome

householdsdisconnectingfromthegassystem

infavorofelectrification,andothersrequiring

networkexpansion.Thisvariationcanleadtotariffandrevenuechallengesortheneedfornetwork

redesignandinfrastructureoptimization,especiallywhendeliverypointsarespreadoverlarger

distances.

Progressiveagingofthenetwork:Agingnetworkinfrastructureleadstoincreasedmaintenance

andreplacementcostsforDSOs,aswellashigherecosystemsafetyandreliabilityrisks.Toovercomethischallenge,DSOscanadoptalate-lifeapproachtogridmanagement(forexample,procurement

standardization).

Externalforces

Inaddition,variouscomplexexternalforcesare

influencingDSOs,forcingthemtoadapttochangingcircumstances.

Tensionbetweenconvergenceandinterferenceofutilities:Overlappingoperationsandshared

infrastructureacrossdifferentutilitysectorshave

variousimpacts:highercomplexityininfrastructuremanagement,especiallyincongestedurban

locations;increasedriskofdamageandsafety

concerns;andregulatoryandpermittingchallenges.Operatorscanupdatetheiroperatingmodelto

improvetheircapillaryknowledgeofthenetworkforfasterinterventionandimprovedinteractionswithotherstakeholders.Developingadigitaltwin,amongothersolutions,cansupportsuchgoals.

Customerpreferencefordigitalchannels:

Customersincreasinglyexpectdigitalchannels

forseamlessserviceandengagement,requiring

DSOstoinvestinandupgradedigitalofferingsandplatforms.

Tighterregulatoryrequirements:Regulationsand

incentivesarebecomingstricterintermsofcarbonneutrality,requiringDSOstostructurallymonitor

andlowertheirmethaneemissionsandincrease

theirefficiency.1Solutionssuchasadvancedleak

detectiontechnologyareincreasinglynecessaryforDSOstoreduceemissionsandmonitorresults.

Fourkeypillarsshapetheoperatingmodelofthefuture

Clearly,DSOsfaceacomplexoperatingenvironmentwithincreasingchallenges.Buttheycanstay

competitiveandsucceedinthismarketcontextbyrethinkingtheirexistingoperatingmodelaround

fourkeypillars:afastandeffectivecapexmachine;adigital,resilient,andsustainablenetwork;

efficientoperationswithcustomercentricity;andmultidimensionalgrowth(Exhibit2).

Foreachpillar,thehistoricalwaysofoperatingwillneedtochangetomakewayforthetargetoperatingmodelofthefuture.

1“Regulation(EU)2024/1787oftheEuropeanParliamentandoftheCouncilof13June2024onthereductionofmethaneemissionsintheenergysectorandamendingRegulation(EU)2019/942,”EUR-Lex,July15,2024.

4Rethinkingthefuture:Anewoperatingmodelforgasdistributorsuccess

Exhibit2

Thetargetoperatingmodelleveragesfourkeypillarsthataddresstheinternalandexternalforcesafectinggasdistributionoperators.

Updatedoperatingmodelforgasdistributionsystemoperators(DSOs)

1.Fastande仟ectivecapitalexpendituremachine

2.Digital,resilient,andsustainablenetwork

3.Eficientoperationswithcustomercentricity

4.Multidimensionalgrowth

McKinsey&Company

1.Fastandeffectivecapexmachine:Froma

long-term,predictablecapexplantodynamicandfast-pacedmanagement

MostDSOsstillrelyonacapexmanagement

operatingmodeldesignedforlong-termplanninganddeployment.Thisapproachtypicallyoperatesonaten-yearplanningcycle,isupdatedannually,anddoesnotaccountfortherapidlychanging

marketcontextorreal-timedatafromthefieldthatisavailableintoday’senvironment.Thistraditionalmodelworkedwellinthepastwhenthenetwork

infrastructurewasrelativelynew,asingletype

ofenergyvectorwasused,andconstructionandmaintenancewererelativelyuncomplicated.

However,tothriveinthenewenvironment—

characterizedbyvariationinnetworkdensityand

shape,rapidtechnologicalevolution,theneedto

introducenewenergyvectorsinthedistribution

infrastructure,andtheshiftfromgastopower—

DSOscantransitiontoadynamicandresponsive

capexmanagementoperatingmodel,supported

byAI-basedtools(seesidebars“Digitalizingend-

to-endcapexdeploymentandembracingacapexmonitoringconsole”and“HowleadingEuropean

DSOsachievedexcellenceinremoteworksite

supervision”).Thiscouldallowoperatorstobemoreflexibleandquicklyadapttomajordisruptions,

suchastheCOVID-19pandemic,orembracenewenergyvectors,includingbiomethane.

Digitalizingend-to-endcapexdeploymentandembracingacapexmonitoringconsole

Manyinfrastructurecapexdeploymentprojectsoverruntheircostsbyupto70percentandtheirschedulesbyupto60percentduetolimitedend-to-endprojectvisibilityandITsystems’integration.¹

Thepredominantdistributionsystemoperator(DSO)operatingmodelandtoolsettodaylackreal-timevisibilityonproject

statusovertheentirecapexdeploymentcycle(investmentplanning,engineeringanddesign,permittingandprojectplanning,andconstructionandclosing),withmanual,fragmenteddatacollectionandlimitedcoordinationacrossinternalfunctions,

includingengineering,procurement,construction,andaccounting,aswellasexternalstakeholderssuchasauthorities

andconstructioncontractors.²Thisisakintoanessentialsystembeingentirelyabsentfromaprocess—suchasacustomer

relationshipmanagement(CRM)systeminthemarketing-to-saleworkfloworamanufacturingresourceplanning(MRP)systeminmanufacturingoperations.

¹McKinseyanalysisbasedonexpertinterviews.

²McKinseyanalysisbasedonexpertinterviews.

Bycontrast,acapexmanagementconsole,enabledbythedigitalizationofallstepsofthecapexdeploymentcycle,cansupportend-to-endvisibilityonplanning,permitting,deployment,andmonitoringprocessestoensureon-time,on-budget,and

on-qualitydelivery.

Theconsolecansupportmultidimensionalanalyticswithreal-timeKPIcalculations,insights,andrecommendationsfor

continualimprovement;notificationautomationtopreventroadblocks;andcapexallocationandplanningbasedonavailabledatafromprojectstatusupdates,on-fieldnetworkdata,andAIalgorithms.

McKinseyrecentlyassistedaleadingsouthernEuropeanDSOtoincreaseitson-time,on-budgetinvestmentdeliverythrough

suchacapexconsole.IthadasignificantimpactontheDSO,includinga10to20percentprojectscheduleaccelerationfromfullprojectstatusvisibility,5to10percentcapitalbudgetefficiencyduetohighercollaborationanddata-drivendecision-making,andimprovedriskmanagement.

Rethinkingthefuture:Anewoperatingmodelforgasdistributorsuccess5

HowleadingEuropeanDSOsachievedexcellenceinremoteworksitesupervision

WithsupportfromMcKinsey,variousleadingEuropeandistributionsystemoperators(DSOs)havedevelopedandlicensedanAI-basedsoftwaresolutionforend-to-endremoteworksitesupervision.

Tousethesoftware,engineersstartbyidentifyingprojectactivities,phases,andmaterials;creatingworkorders;anduploadingprojectspecificationstotheplatform.

Fieldcrewsthenuploadphotosofcriticalprojectmilestones,suchasthepipe-layingposition,notonlytokeeptrackofprojectprogressbutalsothequalityofthework.TheAIalgorithmanalyzestheimagesagainstpreloadedprojectspecifications,

providingimmediatefeedbacktofieldcrews.Imagesthatdonotcomplywiththespecificationsarerejectedandthenreviewedinacentralcontrolroombyoperatorswhocanfurtherguidefieldcrews.

Thesoftwarehelpstogenerateas-builtdrawings,whicharereviewedbytheengineeringteamandembeddedintheofficial

companycartography.Furtheradvantagesincludeabuilt-ininvoicingsystemandallworkbeingvalidatedinrealtimewith100percentaccuracy.

Theplatformgivesoperatorsaccesstoinvaluabledatafromconstructionandrenovationprojectsthatcanbeusedfor

populatinganetworkdigitaltwin(forlatersimulationincasefurtherworkisrequiredortohelpwithmaintenance);fordata-

drivennegotiationwithcontractorsandconsequentprocurementcostoptimization,toensurecompliancewithregulations;andtoconsultinformationincaseofaccidentsandrelatedinvestigations.

Theplatformhasyieldedpromisingresults:Ithasreducedthecostsassociatedwithon-siteinspectionsby80to90percentandsignificantlydecreasedthecompanies’CO2emissions.Projectswerecompleted10to20percentfasterduetoreal-timefeedbackandreducedreworks.

6Rethinkingthefuture:Anewoperatingmodelforgasdistributorsuccess

2.Adigital,resilient,andsustainablenetwork:Frommanualandreactivetoautomatedand

responsive

DSOscurrentlyusealargelymanual,labor-intensive,andevent-drivennetworkmanagementmodel

thatlacksreal-timeassetvisibility,whichresultsin

reactivemaintenance,time-consumingsitevisits,

andinefficientresourcesallocation2Leakdetection,forexample,ismostlyscheduledbasedonregulatorymandatesandnotactualnetworkhealthstatus.Theleakdetectionprocessisoftenslow,coversonly

partsofthenetwork,andreliesonlow-sensitivity

detectors,resultingnotonlyinsuboptimalleak

detectionbutalsoinmissedopportunitiestocollectusefulinformationaboutthenetwork’scondition.

UtilizingafullydigitalizedandautomatedoperatingmodelfornetworkmanagementcanhelpDSOs

drasticallyreduceinefficiencyandimprovetheir

sustainabilitygoals(seesidebar“Creatingafully

digitalizednetworkofassets”).Byusingsensors

andactuatorsacrossallnetworkassets(including

citygates,pressurereductionplants,andpipelines),operatorscancollectandtransmitreal-timedatatoacentralcontrolroom,enablingremotemonitoringandcontrol,withlimitedon-siteintervention.

Leakdetectionhasafurtheradvantage:Itcan

becomeavaluablesourceofinformationas

advancedgasleakdetectionsystemsprovidedata-driveninsightsandtargetednetworkhealthstatuschecks,offeringanintegratedviewonsustainabilityKPIs(seesidebar“Embracingadvancedleak

detectiontechnology”).

DigitalizingandautomatingnetworkoperationsalsocreatesopportunitiesforM&AamongDSOs,eveniftheyarenotinclosegeographicalproximitytooneanother.

WerecentlyspoketoPaoloGallo,CEOofItalgas

Group,wholeadsthecompany’sinnovationand

digitaltransformationinEurope.Italgashasalreadyupdateditsoperatingmodelanddigitalizeditsentiregassystem.Gallotoldusabouttheadvantagesof

doingso:“Wedigitizedourgasdistributionnetwork,makingitsmart,connected,andfullyresponsive.

Thisgaveusreal-timevisibility,predictiveinsights,andalevelofoperationalagilitythatchangedthegame.Theefficiencygainsweren’tmarginal—theywereexponential.

2

Basedonexpertinterviews.

‘Wedigitizedourgasdistributionnetwork,

makingitsmart,connected,andfullyresponsive.Thisgaveusreal-timevisibility,predictive

insights,andalevelofoperationalagilitythatchangedthegame.Theefficiencygainsweren’tmarginal—theywereexponential.’

—PaoloGallo,CEOofItalgasGroup

Rethinkingthefuture:Anewoperatingmodelforgasdistributorsuccess7

Creatingafullydigitalizednetworkofassets

McKinseyrecentlyassistedvariousleadingsouthernEuropeandistributionsystemoperators(DSOs)tocreatetheirownfullydigitalizednetworkofassets,withsensorsandactuators,tounlockremotemonitoringandcontrolthroughacentralcontrol

room.Usecasesincludesmartmaintenanceoffilteringequipment;remotemonitoringandregulationofpressure;optimizationofpreheatingpracticesandodorization;andcontroloftwo-waybiomethanevalves—allsupportedbyAI.

Theintroductionofthistechnologyrequiredachangeintheoperatingmodel.Theworkforcewasredirectedfromplannedmaintenancetosmartmaintenanceactivitiesandreskilledtoutilizetechnologyanddataindailyoperations.

TheDSOssaved15to20percentonlaborandtravelcostsforon-siteinspectionsand10to20percentoncallcentercostsduetofeweremergencycallsbecauseofoptimizedodorizationpractices.Additionally,gaslosswasreducedby10to15percentduetobetterpressuremanagement.

Embracingadvancedleakdetectiontechnology

Alargegasdistributionsystemoperator(DSO)thatoperatesinEurope,theMiddleEast,andAfrica(EMEA)introduced

advancedleakdetectiontechnology,whichhashadsignificanteconomicandenvironmentalimpact.Withsupportfrom

McKinsey,theDSOundertookathree-phaseprocessthatcoveredrollingouthardwaretechnology,settingupanalytics,andredesigningtheoperatingmodel.

Theend-to-endoperatingmodelforleakmanagementwasredesignedtoincludeprioritizationrulesfordrivingboundaries,theleakinvestigationsearchareatobeanalyzed,andleakstoberepaired.Giventhehighernumberofidentifiedleaksgeneratedbythemoresensitivetechnology,strictprioritizationandoptimizationofrepairactivitieswererequired.

Theapproachutilizesfast,vehicle-basedtechnologywithindesignateddrivingboundaries.Sensorsonfieldtechnicians’backpacksconfirmthepresenceofgasleaksidentifiedbythevehicle,whileatabletcollectskeydataontheleak,suchascoordinates,emissivitylevel,andproximitytocriticalbuildings.

Thedataarethenanalyzedtoautomaticallyproduceareportonleaksandrepairprioritizationforthemaintenanceteam,whileadashboardwithoperationalandsustainabilityKPIsautomaticallyfeedsinreal-timeupdates.

TheleakdetectiontechnologyhelpedtheDSOachievea70to80percentreductioningaslossesatrunrate,substantially

reducingitsCO2emissions.Inaddition,thetargetednatureofleakdetectionandinspectionimprovedworkforceefficiency

by20to30percent.TheDSOalsocreditsthenewapproachwitha40to50percentreductioninemergencycallsandrelated

costs,thankstofewernetworkdisruptions,aswellasa50to60percentimprovementinworkforceandcitizensafetyasaresultofareductioninleaksperkilometer.

8Rethinkingthefuture:Anewoperatingmodelforgasdistributorsuccess

3.Efficientoperationswithcustomercentricity:Fromstatictoinnovativeandadaptable

Mostoperatorsstillrelyonrigidorganizational

structuresthatignoreevolvingworkforceskills,

changingnetworkcharacteristics,andrapidmarketandtechnologydevelopments.Tostayahead,

operatorscanadoptamoreagilemodelthattakesaflexibleapproachtothesizingandthegeographicaldistributionofpolesandtechnicalunitstoreflect

networkaging,asset-specificrequirements,andisochronouscurvesthatmirrorthelatestdeliverypoints’distribution.

DSOscanaddresstheirtalentstrategy,too.

Tomorrow’sworkforcewillneedtobemoreflexibleandequippedwiththerightskillstosupporta

digitalized,data-drivendistributionnetwork.This

callsforreskillingprogramsandinvestmentinhigh-valuerolessuchasfieldtechnicianswithadvanceddigitalcompetencies.

Traditionalboundariesbetweenin-houseand

outsourcedactivitiescanalsoberethought.Beyondstandardcost-benefitanalyses,DSOscanexploreinnovativecollaborationmodels—suchasoffering

servicestopeeroperators—tounlocknewrevenuestreamsandoperationalsynergies.

Oncetheworkforceisequippedwiththerightskillstosupportbusinesspriorities,theDSOneedsto

optimizeworkforcescheduling.Someoperatorsarealreadyshiftingfromday-ahead,staticplanningandareembracingAI-based,real-timemodels.These

modelsrethinkhowfieldactivitiesareprioritizedandassigned,transformingschedulingfromamanual

taskintoastrategiccapability.TheAIsystem

evaluatesandprioritizesfieldinterventions—rangingfromcustomerappointmentsandmaintenance

worktonetworkpatrolsandadministrativeduties.Thegoalistomaximizetimeandcostefficiency

byensuringeverytechnician’sscheduleisfullyoptimized,andtoincreasecustomersatisfactionbyenablingcustomerstopicktheirpreferred

appointmentdateandtime.

Onceworkordersareprioritized,theyare

automaticallygeneratedandassignedtothe

mostsuitabletechnicianwiththecorrectskillsets,

appropriateavailability,andgeolocation,ensuringthateachtaskishandledbytherightpersonattherighttimewithminimaltravelanddowntime.Eachtechnicianreceivesapersonalized,fullyoptimizedagendaeverymorningviatheirtablet,enabling

themtofocusonexecution,notcoordination.

Theseschedulesaredynamicandadjustedinrealtimethroughacontinuousfeedbackloopthat

respondstodelays,cancellations,orunexpectedemergencies.

SomeDSOsarealreadyusinggenAItoimproveefficiency.AlargesouthernEuropeanDSO,for

example,hasidentifiedover100AIandgenAI

usecases,severalofwhichhavealreadybeen

implemented,includingsmartmaintenance

modelstodetectcriticalnetworksectionsand

allowforremotemonitoringofconstructionsites.TheDSOhasdesignedarobustpipelineofgenAIapplications,readyfordevelopment.Thisspansprocurementprocessesandnegotiation,projectdesignandscheduling,andclaimshandlingandautomatedquotationprocessing.

Customer-facingprocesses,inparticular,show

highpotentialforgenAIapplications.Aleading

northernEuropeanDSOhasbuiltandlaunched

agenticgenAItoimprovecontractingprocess

optimization.TheDSOusesittogenerateand

validategeneral,commercial,andtechnical

descriptiondocumentsforprojects,including

evaluatingclients’requirementsandcreatinglistsofproposedtechnicaladjustmentsmatchedwith

anactionitemagendafortheoperationsteam.TheagenticgenAIapplicationhashalvedthevalidationtimeforengineersandthenumberofiterationsperdocument.

WhentalkingtoPaoloGalloabouttheseprocesses,hetoldus,“Foranyorganizationembarkingon

thisjourney,myadviceisclear:Startwiththe

organizationpillar.Thatmeansensuringleadershipalignment,strengtheninginternalcommunication,simplifyingprocesses,andaboveall,investing

intalent.Bringyourpeoplewithyou.Makethemcoauthorsofthetransformation.”

Rethinkingthefuture:Anewoperatingmodelforgasdistributorsuccess9

‘Foranyorganizationembarkingonthisjourney,myadviceisclear:Startwiththeorganization

pillar.Thatmeansensuringleadershipalignment,strengtheninginternalcommunication,

simplifyingprocesses,andaboveall,investingintalent.Bringyourpeoplewithyou.Makethem

coauthorsofthetransformation.’

—PaoloGallo

4.Multidimensionalgrowth:Fromaverticalviewtonewpossibilities

Currently,mostDSOsfocusprimarilyon

optimizinggasdistributionwithintheirnetworks,potentiallyclosingthemofftootheropportunities.BroadeningtheirthinkingcanhelpDSOsexpandintonewgeographiesoradjacentmarkets.

Tounlocknewexpansionopportunities,DSOscantransitiontoadiversifiedoperatingmodelthatenableseasierM&Aprocesses,allowingthemtoconsolidateoperationswithinasinglecountryoracrossborders.

Ourresearchshowsthatleadingoperatorsalsostrengthentheirpresenceinadjacentmarketsbyofferingenergyservices,energyefficiencysolutions,andsmartdevices.Diversifying

intomanagingotherutilities,suchaswater

distribution,canalsoopennewopportunitiesandrevenuestreams.

Transformingtheoperatingmodelcanunlocksignificantvalue

DSOshaveauniqueopportunitytoemerge

askeyplayersintheenergytransition—but

onlyiftheyarewillingtoevolvetheiroperating

models.Ouranalysisofmajorglobalmarkets

revealsthatsomeDSOsarealreadyestablishingthemselvesasfirstmovers,initiatingsignificantorganizationalandoperationaltransformation.

Totestthisperspective,wedevelopedan

economicsimulationtomodelapotentialfutureprofit-and-lossstatementforaDSO.Theresultssuggestapossible30percentimprovement

inoperatingcostefficiency(Exhibit3).The

constructionandrenovationoffersthegreatestsavingspotential,makingup30to40percentofcurrentcosts,whileoptimi