Legal
usual term of a franchise can be extended to 15 years and beyond if an operator provides substantial investment. This could be used by the DfT to encourage investment ideas being brought forward – with potential extensions being linked to increased investment – a model that has seemingly worked well on the Chiltern franchise which has variable franchise terms depending on investment being made. From outside the rail industry, PPP models may be used in certain circumstances. For example, Warwick Parkway station which was built and is operated on a design, build, finance and operate basis. A project company owns the station and has the certainty of receiving access charges for a defined period – to allow payback over the long-term. This is not tied to a particular franchise. PPP's work best on infrastructure assets which are separate and discernible and could also work on projects such as electrification or signalling. Lease and lease back structures may also work in relation to stations assets – particularly where there are opportunities for commercial exploitation of land e.g. where retail units could be exploited or station roofs be used for solar panels.
Unlocking investment
The DfT has been invited by the Brown Review to issue guidance to operators and investors as to when it will use its long-term investment tools, including where it will guarantee a residual value or continued use to operators or investors.
It remains to be seen whether as part of the current refresh of franchising these issues are tackled to unlock potential future investment in the railways going forward.
•
Tammy Samuel is a partner in the Rail team at Stephenson Harwood LLP.
www.shlegal.com
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