Public-Private Partnership Opportunities In Passenger Rail
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1 Public-Private Partnership Opportunities In Passenger Rail Standing Committee on Rail Transportation Al Engel Vice President - High Speed Rail Page 1
2 Public-Private Partnership (P3) Definition Involvement of a private enterprise in government projects aimed at public benefit Amtrak, by its nature, is a P3. Because Amtrak receives federal money and operates under a federal mandate, Amtrak can also enter into agreements with private enterprises, creating new P3 arrangements. Additionally, Amtrak s relationship with host railroads is a P3 Commuter Partnerships Freight Partnerships Page 2
3 Public-Private Partnership Funding Source Examples Private Sector: Naming rights Concessions Air rights leasing Joint development Contract revenue Parking fees Corporate franchise fees Digital technology Advertising Public Sector: Payroll levy Registration/license fees Real estate transfer fees Vehicle fees Excise fees Sales tax Property tax Federal grants/loans Local grants/loans Page 3
4 Public-Private Partnership Potential Investors Financial Investors Debt Funds Investment/Commercial Banks Private Equity Funds Pension/Sovereign Wealth Funds Strategic Investors Builders Operators Vendors Real Estate Developers Vendor & Operator Investment Real Estate Development Page 4
5 Public-Private Partnerships: Benefits Risk sharing Sharing risks between the government and private entities can make it more palatable for both entities to take the leap in building a project with great benefits for society. Quality The public-sector must carry out a value for money test, whereas private competition has the potential to increase quality of a product. Access to capital Government agencies are capable of borrowing large amounts of money to finance public infrastructure at relatively low cost. Public & Community Benefits Page 5
6 Public-Private Partnerships: Challenges Obtaining value for money Private capital requires return on equity and carries higher long-term borrowing costs Financial value of efficiencies from risk transfer and accelerated delivery must equal or exceed higher financing costs Optimizing Risk Allocation Public sector will retain certain risks that are too expensive for private investors to assume, such as force majeure, change of law, permitting Private sector s desire to achieve reasonable returns can sometimes be at odds with public benefit determinations Private approaches generally more flexible and able to respond to changed conditions Page 6
7 Public-Private Partnerships: Challenges Managing complexity P3 agreements require high level of consulting support to implement Managing long-term agreements requires different skill sets than many public agencies currently have on staff Public agency decisions need to be made quickly to obtain benefits and avoid penalties; often difficult in highly structured public entities Maintaining appropriate control Transferring risks means giving up certain amount of control Public policy interfaces need to be structured in original agreements; stakeholders will still see the public agency as responsible for performance and service quality no matter what contracts may say Control over setting of fares and service levels explicitly tied to source of repayment to P3 partner Development period timing Private entities require higher level of project development before investing Packaging of contracts and services determined more by financial needs than engineering or service ones Initial permitting and EIS work still public agency responsibility Page 7
8 Amtrak Public-Private Partnership Examples Alstom continued engineering work for the Acela JHR Development of Maine, LLC - New station in Brunswick, Maine developed by private company in anticipation of new Amtrak route expected in 2012 Station development in Atlanta, GA. North Carolina Opportunities stations in Raleigh, Charlotte Brunswick Station (Maine) Downeaster Service North Carolina Partnership Opportunities Page 8
9 Northeast Corridor Strong Opportunity for P3s 50 million people 8 airports 12 ports Amtrak owns 363 miles of the corridor NEC is 2 nd largest mega-region in the world 20% of US GDP Population density =/> Europe and 12 times US average 465 miles thru 12 states, DC 8 commuter operators 3 Class 1 RRs + regional freight Amtrak high speed, regional, long-distance Page 9
10 Limited Capacity to Grow under Current Plan NEC intercity travel demand will double by 2050 Other NEC modes have limited growth potential Corridor needs new capacity to compete in worldwide economy Amtrak will look to public-private partnerships to help handle this explosive growth. Page 10
11 NEC Compares Favorably to the Most Successful HSR Corridor Page 11
12 NEC Has Potential for Ancillary Revenues The Eastern Japan Railway Company, a major high speed rail operator, derives 32% of its revenue from non-transportation sources. Operating income is 34% Non-Transp: Station Space Utilization, Shopping centers, Commercial, Other 68% 66% Page 12
13 Next-Gen HSR Vision : New System to Handle Growth World-Class High-Speed Network: Dedicated 2 - track alignment; 220 mph equipment 40% - 60% travel-time reductions in key markets Boston Washington DC: from 6:30 to 3:20 September 2010 NYC - DC 1:36 NYC - BOS 1:24 Existing Master Plan (2030) 2:42 2:15 3:35 3:08 Next-Gen HSR Plan Higher frequency Service Departures (Each Direction) Current Next Gen HSR Hourly Daily Higher average speeds Average Speeds (Super Express) Current Next Gen HSR NYC BOS 65 mph 148 mph NYC DC 86 mph 137 mph Page 13
14 Next-Gen HSR: Will Create Revenue Major growth in premium service s share of NEC ridership (2040) Premium Ridership (2040) Master Plan (Acela): 6.5 million (28%) Next-Gen HSR Plan: 18 million (52%) Ridership by Type of Service Result: Next-Gen HSR Plan would raise revenues more than ridership Total NEC Ridership & Revenues (2040) Master Next Gen Increase Plan HSR Plan Total % Ridership (Millions) % Passenger Fares $1.84 (Billions) $3.29 $ % Page 14
15 Next-Gen HSR: Will Create Jobs Next-Gen HSR operations generates $928 million annual surplus Costs include: O&M costs Capital Renewal (infrastructure & rolling stock): long-term equipment & capital repair Employment Opportunities: 44,000 full-time jobs annually over a 25 year for construction 120,000 permanent jobs 7,100 new rail operations jobs Page 15
16 Next-Gen HSR: Capital Investment Costs $117 Billion (in $2010) Equivalent of $4.7 Billion annually over 25 years of construction $172 million/km for infrastructure, stations, facilities 55 train $51 million each Phasing of Construction Four phases over the 2015 to 2040 period Phases 1-3 ( ): New York to Washington Phase 4 ( ): New York to Boston Page 16
17 Next-Gen HSR: Positive Return On Investment Next-Gen HSR system Benefits (financial, economic, social) exceed Costs by 2-to-1 Even at conservative 7% discount rate reaches 1.1 B/C Similar to 1.03 B/C value for NEC HSR in FRA 1997 Study Benefit / Cost Ratio of Next-Gen HSR Investment Billions of Dollars Project Cost $ 72.8 Credit for Residual Project Value $ 20.3 Credit for Avoidable Master Plan Costs $ 8.3 Net Project Cost $ 44.2 Benefits of Investment Travel Time & Costs & Safety $ 16.1 Energy and Emissions $ 1.3 Economic Productivity Benefits $ 23.8 Operating Surplus $ 11.0 Highway and Air System Benefits $ 21.6 Commuter Systems and Use Benefits $ 26.5 Total Benefits of Investment $ Benefits / Cost Ratio 2.27 Page 17
18 Next Gen HSR Will Follow Phasing Strategy Two New Dedicated Tracks: NYC - PHL New Stations & Infra: NYC - PHL Two New Dedicated Tracks: NYC - BOS New Stations: NYC East (GCT) - BOS New Infrastructure: NYC - BOS 3 NextGen HSR IOS NYC PHL NextGen NYC WAS * NextGen * NYC BOS Two New Dedicated Tracks: NYC - WAS New Stations & Infra: NYC - WAS BOS NYC WAS 3:20 Trip Time * NEC Next Gen HSR alignment contingent upon NEC PEIS Page 18
19 Next-Gen HSR: How Do We Pay For It? Amtrak Business and Financial Plan Purpose: Develop an in-depth Strategic Plan to finance the construction and acquisition of the infrastructure and equipment required to initiate Next Gen High Speed Rail service in the Northeast Corridor. Parameters: Amtrak as the key developer and operator of the system - With partners and the support of vendors Outcomes: Develop a roadmap strategy on how to fund and/or finance the development of true, world class high speed rail service - Define the optimal Federal role - Maximize opportunities for private investment - Outline the options for financial involvement of other governmental stakeholders (states, cities, public authorities) Page 19
20 Business and Financial Plan: Project Approach Page 20
21 CONCLUSIONS Amtrak, a P3 by definition, is open to private financial investment and is presently developing a strategy to access private capital. Amtrak introduced HSR to America in the 20 th Century and has the experience and expertise to bring 21 st Century HSR in the next decade. Amtrak is moving forward with its HSR vision and is developing a business and financial plan that will identify opportunities for P3s in the NEC The NEC business and financial plan will serve as a model for structuring P3 arrangements throughout the US intercity passenger rail network. Page 21
22 UIC 8 th World Congress on HSR Amtrak will host UIC 8 th World Congress on High-Speed Rail in Philadelphia Partner with American Public Transportation Association (APTA) and American Association of Railroads (AAR) Expect 2,000 worldwide attendees to exchange views on development and achievements of high-speed rail Trade exhibitions, technical tours and networking activities for 3-days Pennsylvania Convention Center, Philadelphia, PA - July 10 thru 13, 2012 Page 22
23 Thank You for Your Attention Page 23
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