No. It doesn't sound right.
It sounds like a slipped decimal point.
Assuming that the changes did not much affect the power factor:
2300 Volts x 20 Amps x 1.73 = 79.6 kW @ $.04 = $3.18 per hour.
$3.18 per hr x 24 = $76.32 per day.
$76.32 x 365 days = $27,856.80 per year.
That's not the whole picture.
The demand charges in many tariffs often roughly equal the consumption charges.
You may or may not have reduced the demand.
If you do get demand figures, remember to multiply by 12. The demand charges are monthly, not yearly.
A reduction in the consumption of a motor running 24/7 can be expected to reduce the demand.
I expect that the true savings may be more like $50,000 per year.
Be very discrete.
Some bosses don't like employees who are smarter than them.
The money saved doesn't matter to him.
In his mind, it may be that the more money you can save, the poorer he will look to his bosses.
I doubt that he will share the $50,000 figure with his bosses.
When he finds an excuse to let you go, his bosses will not know that you saved them a lot of money.
Polish up your resume!
Bill
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"Why not the best?"
Jimmy Carter