REG - Office of Rail&Road - Periodic review 2024 HS1 Ltd draft determination
30/09/2024 08:00
For best results when printing this announcement, please click on link below: http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240930:nRSd0879Ga&default-theme=true RNS Number : 0879G Office of Rail and Road 30 September 2024 Regulator to cut charges passenger and freight trains pay to use HS1 30 September 2024 The Office of Rail and Road has proposed lower charges for passenger trains which use the High Speed 1 line from London St Pancras to the Channel Tunnel, and halving charges to freight, in its Draft Determination of HS1 Ltd's spending plans, published today. The Draft Determination sets out ORR's view of HS1 Ltd's five-year spending plans for the high speed line, from 2025 to 2030. ORR was able to identify specific areas in the company's spending plans where further improvements can be made, resulting in savings to passenger and freight train operators. In its detailed review, ORR says that HS1 Ltd has produced a good 5-year plan that showed improvement from the plan for the previous five year control period, and highlights successes that HS1 Ltd has achieved in the current control period, 2020-2025. The successes include improvements to the way the company maintains and renews its track assets using more detailed asset data, which ORR called for in its last review of the company's plans, in 2020. ORR is calling for HS1 Ltd to take a similar approach to other assets - such as its signalling, and the lifts and escalators at its stations, so that those assets are maintained as efficiently as possible now, and into the future. ORR has also reviewed the costs for stations on the line for the first time (previous reviews were conducted by the Department for Transport), including St Pancras, and has identified opportunities for improving the way the stations are managed, to reduce their costs. Feras Alshaker, Director, Planning and Performance at ORR, said: "The High Speed 1 line is a vital connection between the UK and Continental Europe, and makes a crucial contribution to the UK economy, supporting growth. It is important that it continues to be a resilient, high performing network for both passengers and freight users. "The detailed scrutiny and challenge we've applied to HS1 Ltd's plans should see the costs of operating on the line reduce significantly, giving savings for both international and domestic operators over the next five years, with benefits for passengers and freight users." Read the full press release (https://www.orr.gov.uk/search-news/pr24-hs1-draft-determination-press-release) . This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com (mailto:rns@lseg.com) or visit www.rns.com (http://www.rns.com/) . RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy) . END IRSKZGZLDNLGDZM