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Principles of the toll roads pricing

Jaworski P., Liberadzki K., Liberadzki M.

Archives of Transport

2018

Vol. 45, iss. 1

53--62

In this paper the authors refer to the method of commercial provision of road infrastructure called BOT (build-operate-transfer) under Public-private partnerships (PPPs) scheme. First we present the investment criteria for transportation PPP projects as well as application of price theory. Then we recognize that the different participants in PPP projects have distinct goals and requirements that must be met in order for them to be able to participate in an effective partnership. The main challenge for the toll road pricing is to determine the economically viable toll rate that takes into consideration the diverse and sometimes conflicting interests of different stakeholders involved in the project. The main objective is to review the theory of economic principles for optimal toll roads pricing and to review the existing approaches to transportation projects appraisal. Then the authors show how to formally derive the condition for toll rate that meets 2 criteria: 1) is socially optimal and 2) covers operator’s costs. For this purpose we use II type Tőrnquist function, a member of an Engel family of functions. This function models the relationship between income and consumption of inferior and normal goods. Tőrnquist function is a mathematical representation of the well-known Engel curves. These curves record the relationship between the quantity of goods purchased and total income. They are not necessarily straight lines. The demand for some “luxury” goods may increase proportionally more rapidly than income, whereas the demand for “necessities” may grow proportionally less rapidly than income. The precise shape will depend on the individual’s preferences for goods as reflected in the indifference curve map. We deem the highway trip to be a “second necessity good”. There is number of economists who apply the Tőrnquist function for microeconomic analysis. The extremely simple form of the Tőrnquist function allows to get the solution in a closed form.

Europe 2020 Project Bonds Initiative pilot phase

Liberadzki K., Liberadzki M.

Zeszyty Naukowe. Problemy Transportu i Logistyki / Uniwersytet Szczeciński

2015

Nr 30

47--58

Private sector financing of transport infrastructure in Europe still falls behind pre-crisis levels. Budgetary constraints in the public sector for infrastructure financing together with banks unable to deliver the volume of debt needed for infrastructure financing create need for alternative sources of funding from capital markets. Infrastructure financing is mostly debt financing. Use of high leverage (project financing) explains the investment characteristics of the infrastructure. The aim of the European Commission's 2020 Project Bond Initiative (PBI) is to encourage investments in infrastructure projects by institutional investors. Bond financings for public private partnership (PPP) projects and other project financings for infrastructure in Europe effectively ended with the demise of several monolines in the early stages of the credit crunch. The PBI is designed to facilitate institutional investor appetite for projects by offering credit enhancement from the EIB, and with the EIB acting as controlling creditor. The initiative proposes two forms of credit enhancement: a fully-funded subordinate tranche equal to up to 20% of the senior debt and a guarantee of senior debt of up to 20%. Subordinated debt tranche by the European Investment Bank (EIB) provides cushion for senior debt service. PBI helps support standardization and widening of investor market. In addition to competitive pricing, EIB also adds value given its reputation and track record in screening, mitigating and monitoring project risk.As Basel III bites - the first wave of bank compliance is set for 2015, with fullcompliance due in 2018 - the cost of long-term bank debt should make bond solutions comparatively affordable. As project infrastructure is a specialized asset class and new to many investors, PBI has a vital role to play in supporting institutional investment. The A11 motorway project in Belgium, Spain's Castor energy storage plant and the UK's Greater Gabbard offshore transmission link are three projects to receive credit enhancement under the pilot phase of the EIB's 2020 scheme.

Ocena potrzeb w zakresie budowy, modernizacji i utrzymania infrastruktury transportowej w Unii Europejskiej w nowej perspektywie finansowej 2014-2020 w odniesieniu do rzeczywistych możliwości budżetów zarówno krajów członkowskich, jak i samej Unii Europejskiej prowadzi do wniosku, że powstanie luka finansowa między potrzebami w zakresie finansowania projektów transportowych a środkami, które będą dostępne na ten cel w nowej perspektywie 2014-2020. Komercjalizacja budowy i eksploatacji obiektów infrastruktury transportu w ramach publiczno-prywatnego partnerstwa (PPP) może być jedynym rozwiązaniem w sytuacji ograniczonych środków budżetowych. Pozyskanie finansowania na rynku długu dla projektów infrastruktury transportowej realizowanych w ramach PPP wymaga wsparcia kredytowego tych przedsięwzięć. Komisja Europejska wraz z Europejskim Bankiem Inwestycyjnym (EBI) stworzyła mechanizmy wsparcia kredytowego projektów poprzez obejmowanie transz podporządkowanych długowi w ramach inicjatywy obligacji projektowych (2020 Project Bond Initiative - PBI). Obecnie realizowany jest etap pilotażowy tej inicjatywy. EBI wspiera w ramach PBI trzy projekty, z których dwa są omówione w niniejszym artykule: refinansowanie budowy zbiorników gazu u wybrzeża Hiszpanii (projekt Castor) oraz finansowanie budowy autostrady płatnej A11 Brugia-Knokke.