Rail regulator asks for views on next periodic review of HS1 Ltd

3 Oct 2022 01:01 PM

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.

Railway network managed by HS1 Limited

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.

Download

Charges for use of the HS1 network – Letter to Eurostar dated 29 September 2022 (pdf 154.6 KB)