Friday 09 May 2014

ORR approves five-year plan for HS1

ORR has today approved HS1 Ltd's Five Year Asset Management Statement (5YAMS) which sets out plans and proposed charges for the period from April 2015 to March 2020 (Control Period 2 (CP2)). 

The 5YAMS demonstrates how HS1 Ltd will deliver what customers want from HS1, which is primarily to maintain the current levels of high performance at an efficient cost. The ORR has recognised HS1 has performed well during Control Period 1 (CP1) and has praised the open and transparent manner in which the periodic review has been carried out.

Graeme Thompson, Chief Financial Officer of HS1 Ltd, said:

"We welcome the ORR's approval of our plans, which is the culmination of two-years of cooperative, transparent and constructive engagement with all of our stakeholders. Working in partnership with these stakeholders, including Network Rail (High Speed) which operates and maintains the high speed line, has allowed us to develop joint plans and priority areas of focus that will support and enhance the customer experience for domestic and international high speed rail passengers and freight operators.

"The ultimate output of this periodic review is a new set of prices that we charge train operators from 2015 to 2020. We are pleased that we are able to propose prices reductions of 12%+ against equivalent CP1 charges for international and domestic passenger operators plus even greater reductions in absolute freight charges. The focus now is delivering on the commitments and improvements we have agreed to ensure that HS1 remains a world class railway delivering a customer service that we can all be proud of."

The approval document can be found here.