European Commission. Developing and financing the trans-european transport networks
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1 European Commission Developing and financing the trans-european transport networks Perspectives and instruments to strengthen private sector participation Joachim Schneider TEN policy, PPP DG TREN Annual UNECE PPP Alliance meeting London
2 Background European Growth Initiative 2003 Focus: Growth enhancing investments into R&D and transport infrastructure Means: Increase of the respective Community funds and shift towards innovative financing methods Instruments: EIB - Structured Finance Facility, Commission Guarantees for TENs & Risk capital facility for R&D TEN loan guarantee: Commission was requested to undertake a market consultation and to report to the Council. Consultation in two steps during 2004, report in the form of the Communication of March 2005.
3 The TEN Guidelines
4 Wider Europe, HLG 2005 DRAFT DRAFT Definition of priority transport corridors To be confirmed within the High Level group Wider Europe until the end of 2005 Particular relevance: Projects in Eastern Europe, Balkans, Turkey, Near East & North Africa
5 The financial gap is huge Financing Only 3 of the 14 «Essen» priority projects are completed, 75 billion since 1996 Costs of roughly 600 billion for all the remaining projects to be completed by 2020 (more than 225 billion of which for the approved priority projects), Public funding so far mostly direct grants, National funding:15-20 billion / year European funding (including TEN-budget, ERDF, Cohesion-fund): 3 billion / year
6 Financing Co-ordinating public funds Better co-ordination between national and European priorities (Major contribution: Van Miert) Better co-ordination between TEN-funds and structural funds during the next period of financial perspectives (Commission steering group headed by Vice-President Barrot) Increase TEN-budget and raise the Communityportion of bi-/multinational projects Create a European structure to help co-ordinate public funds and support project management companies (European Coordinators/ TEN agency)
7 Innovative Financing EU participation in risk capital funds Goal: Promote PPPs through contribution of quasi-equity and therefore reduce charge of sponsors Means: participation in specific funds, set up for this purpose Current state of application: Only one fund (Galaxy) has submitted a co-financing request. EU club-investments to be multiplied by 2,5 through regular fund-shareholders First Project: A 28 between Alençon and Rouen, pipeline includes also railway projects
8 Innovative Financing EU guarantees for TEN projects EU-Treaty explicit on guarantees for TEN projects Credit enhancement possible through time-limited EU Guarantees Ramp up risk coverage, initial 5-10 years of operation Joint guarantees with MS or adequate matching commitment of MS Necessity to build up a reserve fund as liquidity cushion
9 Innovative Financing EU-contribution to availability payment schemes? Goal: Maximisation of the impact of public funds through participation at annual/periodic payments of a availability fee during the operational phase. Application: TEN PPPs, in which the transfer of revenue risk is either not possible or would lead to high risk premiums Means: Construction Grant in favour of a government, draw down during start of operation Status: Mixed Working group between Commission and Member States in the framework of the Informal PPP exchange
10 Applicability TEN priorities focus on rail 18 of the 30 priority projects serve rail alone and 4 consist of rail/road connections Of the 75 bn total investment costs between 1996 and 2003 (prices of 2003) for the priority network, more than 75 % were for rail or multimodal (including rail) Financing and Organisation will have to include the private sector, estimated overall contribution to the TENs financing: 20 % Some Rail projects have been setting up as market risk based PPPs. Examples include the mixed road/rail Øresund Bridge, the high speed rail connection between Perpignan and Figueras. Others, like the High Speed Line South have been setting up as availability schemes.
11 Applicability Potential demand in other TEN-modes Highways, where traffic risks can often be shifted to the private sector at reasonable costs Airports, where privatisation is not the selected option Ports, where new investments are to be undertaken through PPPs ITS, where the private sector is in principle capable to carry commercial or availability risks i.e. in sectors in which major investments for priority projects and for the remaining elements of the network (all together half of the total necessary investment) will have to be undertaken
12 TEN Rail PPP cases Private infrastructure management: Instructive Cases High speed Rail UK: Channel Tunnel Rail Link (PFI + guarantees) Netherlands: HSL South (availability) France/Spain: Perpignan-Figueras (real toll) City-Airport connections Heathrow Express (real toll) Arlanda Express (real toll) Brussels-Zaventem (Diabolo) (real toll) Freight Rail Initiatives to foresee and use dedicated freight lines; initial concepts for privately managed upgrading of existing tracks
13 TEN Innovative Financing Expected added value The instrument will encourage private participation in TEN transport infrastructure projects with substantial market risk and major uncertainties during the ramp up phase. It will accelerate decision making for projects close to investment grade or will be a decisive factor of whether or not these projects will be set up as PPPs It will increase the leverage of the TEN budget and contribute to more or larger projects in comparison with lost grants. It will, if well managed, lead to a revolving fund It will increase business orientation of the Community institutions and the Member States authorities (collateral effects on traditionally procured projects e.g. upfront life cycle cost analysis)
14 Conclusions Approval of TEN guidelines has increased market confidence in European infrastructure goals Actual implementation of many projects depends heavily on available public funds, particularly for rail Construction and management of both greenfield and brownfield projects offer PPP potential (sometimes difficult interface problems) Utilisation of this potential only in countries where public-private cost-comparison can be imposed or on cross-border sections Market tends to prefer availability schemes and/or to request government guarantees but delivers also increasing number of real toll cases
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