Office of Rail and Road
Rail regulator asks for views on next periodic review of HS1 Ltd
The Office of Rail and Road has launched its consultation asking stakeholders to provide their views on the processes and approach to the next periodic review (PR24) of HS1 Ltd.
HS1 is the high-speed rail line that connects London St Pancras through Kent to the Channel Tunnel. It is key for both international and domestic passenger rail and freight services.
ORR is required by law to approve HS1 Ltd’s plans and charges for the use of its network and stations.
The periodic review will set these charges for the five years from 2025, and ultimately have an impact on how much passengers pay for tickets.
In undertaking the review, the regulator must have regard to whether HS1 Ltd’s plans are both consistent with its asset stewardship obligations for the route and obligations to keep each of the four stations on the route in good condition.
Matters that consultees have been asked to consider include how cost efficiency is assessed and the regulated financial framework of HS1 Ltd, such as scrutinising its ability to manage financial risks.
These include macro-economic risks, like inflation and interest rates as well as specific risks, such as uncertainty in the supply chain and demand.
ORR is seeking views in response to the initial consultation document by 11 November 2022.
It will then take those into account when producing the ‘Approach to PR24’, to be submitted to the Secretary of State for Transport on 31 January 2023 and published on the ORR website.
Notes to Editors
- PR24 Initial Consultation
- The review process is set out in HS1 Ltd’s Concession Agreement with the Secretary of State for Transport for the stewardship of the HS1 rail network.
- The government has no plans to change the Concession Agreement and therefore ORR will not be considering any elements that requires a change.
Latest News from
Office of Rail and Road
London Waterloo is top of the stops again, but overall numbers are down on pre-pandemic levels24/11/2022 14:15:00
London Waterloo regained its status as the most used railway station although its total number of passenger entries and exits is less than half of the number from two years ago (April 2019 to March 2020).
Smarter Information, Smarter Journeys23/11/2022 10:33:00
All train operators in Great Britain must provide appropriate, accurate and timely information that allows you to plan and make your journey with a reasonable degree of assurance, including when there is disruption.
ORR stats reveal the oldest train fleets in Great Britain16/11/2022 10:15:00
Each year we publish statistics on the average age of rolling stock for each rail operator in Great Britain.
ORR’s new safety report to include review of smart motorways safety systems and assessment of National Highways’ overall safety performance03/11/2022 16:10:00
This blog explains our work on a new safety report due to be published in December 2022. We expect the first edition to cover both our progress with the Transport Select Committee’s (TSC) recommendations on smart motorways and National Highways’ safety performance on the Strategic Road Network (SRN).
ORR at Highways UK25/10/2022 15:15:15
We're delighted to be joining colleagues from across Britain's road industry at Highways UK 2022.
New Complaints Code of Practice for train and station operators seeking final consent12/10/2022 13:33:00
The Office of Rail and Road has today published the final version of a new Complaints Code of Practice (CoP) for train and station operators.
Rail regulator secures assurances to ease the pain for Avanti passengers10/10/2022 15:15:15
The Office of Rail and Road (ORR) has gained assurances from train operator, Avanti West Coast that it will return to providing timetables at least 6 weeks in advance of travel.
ORR report shows Network Rail exceeded planned efficiency improvements and new employment study focuses in on pay and reward07/10/2022 13:15:00
The Office of Rail and Road (ORR) yesterday published its annual assessment of Network Rail’s efficiency and wider financial performance for 2021-2022, alongside the findings of a review into employment costs in the rail industry.