Our PurposeThe Company has promoted the benefit of passenger open access services that operate in a wholly commercial manner without receiving Government support payments. They are independent of Government but subject to stringent licensing conditions to ensure safety standards are met and passenger network benefits are provided.
Input has been made to various studies including a formal regulatory investigation into the benefits of providing competition to the monopolistic franchised operators and the Centre for Policy Studies 'Rail's Second Chance' which has undertaken extensive analysis of the benefits of on-rail competition.
New proposals to balance any revenue loss with an adjustment to track access charges to cover any revenue shortfall caused by abstraction have been tabled by the Office of Rail and Road which offers scope to change the current regulatory stance that open access services must generate at least 30% of new revenue.
The Competition and Markets Authority has also acknowledged the product strengths and competitive benefits that open access operations provide which offers the prospect of market entry on routes currently operated as a franchise monopoly. Renaissance Trains will contribute to future policy debate which will centre on change that does not affect the funds available the Secretary of State
Renaissance Trains believes that expanding open access operations brings many customer and stakeholder benefits and need not dilute the value of franchises if there is growth in the size of market as has occurred where services are currently running. The future option to adjust track access charges to reflect changes to premium value to the Government is a new factor allowing the promotion of services.
The decision to instigate a UK programme of electrification programme has again brought the issue experienced previously of poor network connectivity for population centres that are not part of the electrified system.
Our solution has been to demonstrate that privately sponsored electrification investment can be an attractive business proposition and we have developed a template for a speedy assessment of benefit cost ratios and wider economic gain.