POLAND: High speed rail and airport project promoter Centralny Port Komunikacyjny has appointed EY to prepare a business plan for the procurement and management of its future train fleets.
CPK plans to establish a rolling stock company which would finance, own and manage the trains, and lease them to future operators under long-term agreements. It said similar approaches have been successfully used in the UK, Germany, Scandinavia and the Benelux countries.
CPK has adopted this approach after concluding that the purchase of high speed trains was a high barrier to market entry for potential operators. When combined with relatively low margins, it could not be sure that operators would be ready to supply rolling stock for the scheduled opening of the high speed line between Warszawa, the new hub airport and Łódź in 2032, with extensions to Wrocław and Poznań by 2035.
‘Preparations for the rolling stock pool must begin well in advance’, said Piotr Rachwalski, CPK board member for Railway Investments, on February 17. ‘Considering the time required for train production, followed by testing and regulatory approvals, at least six years are needed from the signing of the contract.’
| CPK train categories | ||
|---|---|---|
| Type | Operating speed, km/h | Services |
| InterCity HSR | >300 | Inter-city connections |
| Aero Express | 200 | Dual-system conventional rolling stock with interiors adapted for passengers travelling between Warszawa, Łódź and the airport |
| InterRegio | 200 | Dual-system conventional rolling stock for inter-regional services |
EY is to analyse the European passenger rolling stock leasing market and propose the best approach for CPK, including rental rates and potential revenue streams. It will also update CPK’s financial model.
There is an option for EY to prepare an investment memorandum for a potential capital partner.
‘The rolling stock purchases for the CPK-planned high speed lines will be conducted in a thoughtful and comprehensive manner, based on the identified needs of interested entities’, said CPK CEO Dr Filip Czernicki. ‘Financing the purchase through the CPK rolling stock company reduces investment risks for organisers and operators, who will receive modern vehicles tailored to the required standards for servicing new railway lines in exchange for periodic leasing fees.’
The rolling stock pool is expected to represent an investment of 8·7bn złoty, with 1·7bn złoty to be raised by issuing bonds and the remainder financed through commercial capital and debt funding.
Consultancy Arthur D Little has undertaken a passenger needs analysis which recommended three types of train. CPK has also consulted domestic and international train operators and organisations representing people with reduced mobility.
TÜV Rheinland has undertaken a maintenance model and depot location study, drawing on experiences in the UK, Germany and Spain.
