General Overview and Status of the Project 13th Informal PPP Exchange

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1 1 Portuguese Project High Overview Speed Rail Project Business and Procurement Model Presentation General Overview and Status of the Project 13th Informal PPP Exchange Lisbon, 6th July 2007 Porto, 5 th June 2009

2 2 Institutional Framework

Infrastructure Manager Private Operators Fertagus Freight

3 3 Institutional Framework Portuguese State Spanish State CP Public Operator REFER Infrastructure Manager RAVE ADIF Infrastructure Manager Private Operators Fertagus Freight Operators AVEP Rail Operators IMTT National Railway Authority

4 The Project 4

5 HSR Trans-European Transport Network 2020 New Lines Renewed Lines V 250 km/h V 230 km/h V < 250 km/h V 200 km/h Information from UIC High-Speed Updated 17.11.

5 5 HSR Trans-European Transport Network 2020 New Lines Renewed Lines V 250 km/h V 230 km/h V < 250 km/h V 200 km/h Information from UIC High-Speed Updated IB Central focus of the European transport policy Strong pillar for the European sustainable development, by reducing the environmental impacts of mobility growth Aiming the integration, cohesion, competitiveness and reinforcement of the European space Eliminate the existing bottlenecks of the main European axis Supported on the European scale expansion of the success achieved in previous HSR projects

Lisboa-Madrid Lisboa-Madrid ± 2h45m 2006 Start of the Environmental Impact Assessment Procedure Jun/2008 Mar/2009

6 6 Historical Milestones 2000 Creation of RAVE 2001 Creation of AVEP Porto-Vigo Porto-Madrid ± 2h45m 2002 Start of Feasibility Studies Aveiro-Salamanca 2003 Portuguese/Spanish Summit Cross border HSR Axis Journey Time Objectives Lisboa-Madrid Lisboa-Madrid ± 2h45m 2006 Start of the Environmental Impact Assessment Procedure Jun/2008 Mar/2009 Beginning of the Procurement Process (1 st PPP Tender) Beginning of the Procurement Process (2 nd PPP Tender) Faro-Huelva

7 Portuguese HSR Network Main Objectives (1/2) Enable a modern, sustainable and efficient transport system Reduce the country s peripheral position, by connecting Portugal to Europe Contribute to the

7 7 Portuguese HSR Network Main Objectives (1/2) Enable a modern, sustainable and efficient transport system Reduce the country s peripheral position, by connecting Portugal to Europe Contribute to the Atlantic south-west front competitiveness Accelerate the country s economical and technological development, also at the regional level Contribute to a better modal distribution, both for passenger and freight, changing the actual hegemony of road solutions

8 Portuguese HSR Network Main Objectives (2/2)

Airports National Logistics Platforms Network

8 8 Portuguese HSR Network Main Objectives (2/2) Increase mobility and competitiveness of the port, airport and logistics systems Conventional Railway Network Main Ports Main Airports National Logistics Platforms Network HSR as the Backbone of the Future Portuguese Transport Network

9 High Speed Network Passenger and Freight Traffic Passenger Traffic 9

10 10 Population Geographic area between Lisboa, Porto and Madrid has about 17 millions of inhabitants Lisboa, Porto and Madrid represent around 60% of total (about 10 millions of inhabitants)

1:15h -1:20h Lisboa-Madrid (600km) 8,9 millions 9:00h

11 11 Demand Forecast Porto-Vigo (100km) 3,1 millions 3:15h 1:00h -2:15h Lisboa-Porto (300km) 10,7 millions 2:35h 1:15h -1:20h Lisboa-Madrid (600km) 8,9 millions 9:00h 2:45h -6:15h Actual Future Reduction Demand Forecast in 2030

12 12 Market Share (Long Distance Traffic) Lisboa-Porto and Lisboa-Madrid axis Air 7% 5% 59% Road 82% Rail 11% % 2030

13 Priority Links 13

2h45m (direct) 350 km/h 206 km 1.800 million (exc.

14 14 Priority Links: LISBOA-MADRID HSR + Conventional Rail between Évora and Caia Traffic Type Journey Time Design Speed Length (Lisboa-Caia) Investment HSR Passengers + Freight 2h45m (direct) 350 km/h 206 km million (exc. TTC) (Caia) Investment Conventional Rail 250 million Stations Lisboa, Évora and Elvas/Badajoz (Caia) Sines Services Start 2013

Passengers + Freight 13 km (7 km over the river) TTT Investment

15 15 Priority Links: LISBOA - MADRID - THIRD TAGUS CROSSING (TTC) HSR + Conventional Railway + Roadway Traffic Type Length Passengers + Freight 13 km (7 km over the river) TTT Investment HSR 600 million Investment Conventional Rail 600 million Services Start 2013

16 Priority Links: LISBOA-MADRID Terceira Travessia do Tejo (TTT) 16

17 17 Priority Links: LISBOA-PORTO Traffic Type Journey Time Design Speed Length Passengers 1h15m (direct) 300 km/h 290 km Investment million Stations Lisboa, Leiria, Coimbra, Aveiro, Porto Services Start 2015

18 18 Priority Links: LISBOA-PORTO Norte Line % of utilisation (peak hour) Oeste Line Norte Line High Speed Line

km/h 55 km + 45 Km Investment (1 st phase) 845 million Investment

19 19 Priority Links: PORTO-VIGO Traffic Type Journey Time Design Speed Length (1 st & 2 nd phases) Passengers + Freight 1h00m (direct) 250 km/h 55 km + 45 Km Investment (1 st phase) 845 million Investment (Global) million Stations Porto and Braga Services Start (1 st phase) 2013

20 20 Main Stations & New Lisboa Airport Link

21 Lisboa Central Station (Oriente) 21

22 22 Lisboa Central Station (Oriente) New Lisbon Airport

23 23 Porto Central Station (Campanhã) 23

24 24 Socio-Economic and Environmental Impacts

25 25 Economic and Budgetary Impact Several studies are unanimous regarding the positive economic result of the project Investment foreseen in the HSR, for the Lisbon-Oporto and Lisbon-Madrid axis, generates globally positive effects in all the macroeconomics variables: Creation, in the long term, of new permanent jobs Increase of the Private Investment in million Increase of the GDP in million Cumulative increase of million of tax revenues Positive effect in all Country regions

26 26 Social Impact Time Savings Promotes greater social, economic and territorial cohesion, reducing the differences in the mobility of people Integration in Trans-European Transport Network: Europe will be closer! Base Map (60km/h) Map considering travel time by rail (1993) Map considering travel time by rail (2020) Source: Acessibility and Economic Development in Europe ; Vickerman & Spiekermann & Wegener, 1997

27 Social Impact Access to HSR Services More than 50% of the population will be connected with the main urban areas with a total time travel of less than 2 hours (door to door time); for 3 hours time

27 27 Social Impact Access to HSR Services More than 50% of the population will be connected with the main urban areas with a total time travel of less than 2 hours (door to door time); for 3 hours time will be around 90%. Consolidation of a stronger and more coherent urban network, by increasing the influence of the middle size urban centres. Journey Lenght Journey time in /2015 (km) road rail in HSR Lisbon-Oporto 312 3:24 2:34 1:15 Oporto-Vigo 152 1:38 3:30 1:00 Lisbon-Madrid 628 6:00 9:00 2:45 Access to High Speed Services from 15 to 30 to 45 to 60 to 90 or more

28 28 Business and Procurement Model

29 29 Business Model Strategic Goals Affordable for the Portuguese State Minimize Risks BUSINESS MODEL Deliver the Project on Time Provide High Level of Service / Quality

30 30 International HSR Projects Benchmarking Analysis Strategic Role Regulation Planning Establishment of Requirements Articulation of the System France (Decades: 80 and 90) State Spain (Decades: 80 and actual) State United Kingdom (Decade: 90) State Holland (2005) State Perpignan- Figueras (France-Spain, 2005) State Bordeaux-Tours (France, 2007) State Financial Role Operational Role Design Build Maintain Operate State State State State Private (PPP) Private (PPP) State and Private State and Private Private (PPP) Private (PPP) State and Private Private (PPP) Private (PPP) Trend Reduction of State risk exposure

31 31 Procurement Alternatives Analyzed: Infrastructure Traditional procurement (Short and medium Contracts) Traditional procurement (Large Contracts) Mixed procurement (Construction Contracts + PPP) PPP procurement (DBFM Infrastructure + Operation) PPP procurement (DBFOM Infrastructure and Operation) - Private Sector involvement + Traditional Traditional (Large contracts) Mixed procurement (Traditional + DBFM) DBFM + O DBFOM

32 32 Business Model Selected: Infrastructure Capacity Allocation and Railway Traffic Management (State/REFER) Signalling / Telecommunications (PPP) Substructure / Superstructure (PPP) Substructure / Superstructure (PPP) Substructure / Superstructure (PPP) Substructure / Superstructure (PPP) Substructure / Superstructure (PPP) Reasons for the breakdown of the value chain: Risk and Functionality Value for Money

33 33 Procurement Process / Timetable: Infrastructure Braga-Valença 2009 Pombal-Porto 2009 Lisboa-Pombal 2009 Signaling / Telecommunication July-2009 Lisboa-Poceirão / million PPP Tender Launched on March 30 Poceirão-Caia / million PPP Tender Launched on June 2 Bids Delivered on October 2 BAFO on June 1st PPP Substructure / Superstructure PPP Signaling / Telecommunication Scope: Design, Built, Finance and Maintain (DBFM) Concession Period: 40 years Payment Mechanism: Availability (75%) + Maintenance (25%) + Demand (+-2%) Scope: Design, Supply, Installation, Finance e Maintain (DBFM) Concession Period: 20 years Payment Mechanism: Availability

34 34 Poceirão-Caia PPP Lisboa-Madrid HSL

35 35 1 st PPP: Tender Process Timetable Status Announcement in the EU Official Journal 02.Jun.2008 a Preparation of Proposals 02.Jun.2008 to 02.Oct months a Evaluation of Proposals - 1 st Phase 02.Oct.2008 to 23.Dec ,5 months a Negotiations and BAFO - 2 nd Phase 05.Feb.2009 to 01.Jun months a Evaluation of Proposals - 2 nd Phase 01.Jun.2009 to 05.Jul month Ongoing Governmental Award 06.Jul.2009 to 15.Jul month Closing (Commercial + Financial) 15.Jul.2009 to 14.Sep ,5 months Total» 15,5 months

36 36 1 st PPP: Bidders / Consortiums 1. Brisa / Soares da Costa / Iridium / Dragados / Lena / Bento Pedroso / Odebrecht / Edifer / Zagope / BCP Investimento / Caixa Geral de Depósitos 2. Eiffage / Forclum / SEOP / Wittfeld / FCC Construccion / Ramalho Rosa Cobetar 3. Cintra / Meridiam Infrastruture Finance / H. Hagen / Conduril / Tecnovia / Novopca 4. Mota-Engil / Vinci / Somague / Teixeira Duarte / MSF / OPWAY / Banco Espírito Santo / Banco BPI / Banco Invest. Major Portuguese, Spanish and French construction companies are interested in the Project

37 37 Funding the Project

38 38 Lisboa Porto and Lisboa Madrid axis Funding As with other railway projects operating cash flow is not sufficient to cover the amount of investment Public support is required According to RAVE s calculations the required State support as percentage of investment would be around 36%. The EU funds would be around 19% of the total investment taking in consideration both Lisboa-Madrid and Lisboa-Porto HSL Operating Cash Flow EU Grants State Support 36% 19% 45%

39 EU Funding Priority Links 2007-2013 QREN 2007-2013 Cohesion Fund Funding awarded (million euros) HS network 955 Conventional network 150 Total 1.

39 39 EU Funding Priority Links QREN Cohesion Fund Funding awarded (million euros) HS network 955 Conventional network 150 Total Cohesion Fund TEN-T TEN-T Trans-European Network - Transports Funding awarded (million euros) Third Tagus Crossing 51 Évora-Mérida Chunk 191 Ponte de Lima-Vigo Chunk 140 Total 382

40 Next Steps 40

41 Next Steps 2009-2010 Completion of Environmental Impact Assessment Procedures for Lisboa-Porto and Porto-Vigo Axis Tender Process for: 1.

41 41 Next Steps Completion of Environmental Impact Assessment Procedures for Lisboa-Porto and Porto-Vigo Axis Tender Process for: 1. HSR Infrastructure: (2009/2010) PPP Braga-Valença PPP Pombal-Porto PPP Lisboa-Pombal 2. Signalling & Telecoms (July/2009) 3. Rolling Stock

42 42 Project Overview Business and Procurement Model Presentation Thanks for your attention 13th Informal PPP Exchange Lisbon, 6th July 2007 For further information please contact RAVE at:

I CONGRESO INTERNACIONAL SOBRE LA TRAVESIA FERROVIARIA POR EL PIRINEO CENTRAL Trans-European Transport Network Portuguese HSR Network National

I CONGRESO INTERNACIONAL SOBRE LA TRAVESIA FERROVIARIA POR EL PIRINEO CENTRAL Trans-European Transport Network Portuguese HSR Network National Network of Logistics Platforms 1 Portuguese HSR Network Historical