Preparing a Cost Benefit Analysis and Cost-Effectiveness Analysis
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1 Preparing a Cost Benefit Analysis and Cost-Effectiveness Analysis 2017 CEF Transport SESAR call Information Day - 19 October 2017 Julien Bollati Financial Engineering Manager INEA - Innovation and Networks Executive Agency
2 Agenda CBA in the CEF Transport SESAR call CBA in practice Recommendations
3 CBA in the CEF Transport SESAR call
4 Why a CBA is requested? TEN-T Regulation Article 7.2.c "A project of common interest shall be economically viable on the basis of a socio-economic cost-benefit analysis." CEF Regulation Article 10.6 "The amount of financial assistance ( ) shall be modulated on the basis of a cost-benefit analysis of each project, availability of Union budget resources and the need to maximize the leverage of Union funding."
5 How is it used? Additional evidence of socio-economic performance (impact criterion) Economic analysis To identify cases of potential overfunding Financial analysis
6 Is a CEA acceptable? "Common project" category "Other projects" category CBA (PCP CBA is acceptable as it is) or CEA based on the methodological guidance provided in the context of the SESAR Deployment Programme CBA based on the DG REGIO methodology complemented by sectorial guidance (PCP CBA is not acceptable) + funding gap calculation if generating net revenues (based on cash flows from the CBA's financial analysis)
7 CBA: What does it mean in practice? A CBA is required for Works and Mixed proposals (not Study even if with pilot deployment) Specific CBA assessment by dedicated external CBA experts separately from the rest of the external evaluation Findings of CBA Assessment Report feed in the evaluation and scoring of the "Impact" criterion by technical experts
8 CBA in practice
9 Which methodology? The European Commission methodology developed for the Cohesion Policy (DG REGIO) The CBA shall include also a financial analysis RECOMMENDED
10 Key components of the CBA According to the methodology of DG REGIO Technical feasibility (demand and option analysis) Environmental and climate change considerations Financial analysis Economic analysis Risk assessment (including sensitivity analysis). The results of the technical feasibility and risk assessment should be at least summarised to substantiate the results of the Financial and Economic analysis.
11 Examples of further sectorial guidance Standard inputs for EUROCONTROL CBAs Pilot Common Project CBA (EC N 719/2014 Art 4(C) Economics of Satellite based ANS
12 Typical benefits (1/2) Operational efficiency Fuel savings: The improvement of air navigation systems and reduction of en-route delays lead to monetary savings in fuel consumption. Delay cost savings: The reduction of delayed flights and delay length is a benefit quantified using the average cost per minute of delay to the airline (e.g. crew cost and passenger opportunity cost (value of time))
13 Typical benefits (2/2) Environment & Productivity gains CO 2 savings: the reduced amount of fuel burned leads also to a reduction of greenhouse gas emissions which can be monetised. One could include other pollutants such as NOx, SO 2. ANS productivity: Air navigation service (staff) cost reduction achieved through productivity increase is another typical benefit.
14 Financial Analysis Confirms the need for the EU co-financing The financial profitability of the investment is assessed comparing investment costs to net revenues and measures the extent to which the project's net revenues are able to repay the investment, regardless of the sources of financing.
15 Funding Gap For net revenue-generating projects (with a CBA) The co-funding rate shall be applied to the part of a project's costs that are not covered by revenues ("funding gap") instead of the total eligible costs. NUMERICAL EXAMPLE a) Discounted revenues 100 m b) Discounted costs 80 m c) Discounted residual value 35 m d) Discounted net revenues (a-b+c) 55 m e) Discounted investment cost 550 m f) Funding gap (d-e) 495 m g) Funding gap rate (f/e) 90% h) Maximum EU co-funding rate 50% i) Modulated EU co-funding rate (g*h) 45%
16 Recommendations
17 Potential pitfalls Drawing upon lessons learned from previous calls CBA should be part of the project preparation process to improve projects (and not be treated solely as an obligation) The scope of the CBA should be the Action. However, if analysis on the action alone is not meaningful the scope can be expanded to a broader initiative PCP CBA can be submitted only for proposals under the "Common Projects" category Cost savings are to be considered as revenues: Unless transferred to users by a reduction of fares or compensated by an equal reduction in the operating subsidy, cost savings affect the funding gap!
18 Contact INEA Look for INEA!
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