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2 4:55 Today 2:45 1:30 0:50 0:50 0:55 1:05 2
3 Oslo Göteborg Malmö Köpenh Trips 0,2M 1,6M 0,7M Depart Time 5 h 3 h 4½ h Air trav. 1,4M 1,3M 2,2M daily commuters between cities 3,4 million people strong regional growth Oslo 1 million Stockholm 1,5 million Göteborg km km km Malmö Source: SCB, Population in station municipalities and population in major metropolitan areas, Köpenhamn 1,3 million 3
4 2:53 Tomorrow 1:02 New track Lilleström-Arvika 95 km (- 55 km) -1h30m Capacity increase on Värmlandsbanan and Mälarbanan 0:35 0:30 0:35 0:42 0:45 New track Kristinehamn-Örebro 65 km (-50 km) -1h 6
5 Why not High Speed-trains Oslo-Stockholm? Not needed to reach the desired travel time Increases risks and costs more than economic benefits Increases conflicts with regional train traffic Politically impossible to add more HS-tracks 7
6 Costs and implementation Part Model Cost Kungsängen-Kolbäck Public 200 million SEK Kolbäck-Valskog Public million SEK Valskog-Arboga Public 90 million SEK Arboga-Hovsta Public million SEK Hovsta-Örebro Public 80 million SEK Örebro-Kristinehamn Private million SEK Kristinehamn-Karlstad Public million SEK Karlstad-Kil Public million SEK Kil-Arvika Public million SEK Arvika-Lilleström Private million SEK* 64 billion SEK *of which 18,8 billion SEK in Norway 8
7 9
8 Impact on climate emissions (air 2040) 10
9 Wider benefits (excluding cargo) Effect Value Sweden Million SEK Value Norway Million SEK Total value Million SEK Producer surplus Budget impact Consumer surplus External effects Operation, maintain, reinvest Total
10 Which path is possible? Government funding? OPS/PPP model Commercial model Insufficient funds Perceived to not share risks 12
11 13
12 Response on RFI Based in Main focus Asia; 3 Other; 3 Design; 4 Nordics; 9 Finance; 4 Europé; 10 Operate; 2 Bulid; 9 14
13 Increases capacity (7,3 billion SEK) Important for regional traffic Opens interregional market (13,6 billion SEK) Important for end point Reduces travel time by almost 1.5 hours and increases capacity (26,6 billion SEK) Increases capacity (15,5 billion SEK) 15
14 Concession French model Government Project owner Public: Guarantees + Grants Concession contract Private: Equity + Debt DBFOM SPV Service Track fees Train operator DB Construction company OM Maintenance company 16
15 Model for sharing responsibility Wider benefits, SEK 67B Capitalize Private Tax Public Profit Building cost, SEK 64B 17
16 Business Case SEK 40,9B Green field Concession Private stakeholders and public subsidies Synchronized planning and building. Capacity all the way Oslo to Stockholm. Open access SEK 23,8B Brown field Procurement Government responsibility 18
17 A proposal that shows how the project can be implemented 19
18 Business case economy (2030) End point + region travellers (Converted into full journeys) 1,9+1,2 Million Average ticket price (today SEK 600) SEK 700 Commercial Traffic 18 trips a day Commercial Revenues SEK Million Revenues regional train operators (50%) SEK 166 Million Traffic cost (SEK 158 per km) SEK 900 Million EBITDA for train operators (8%) SEK 157 Million Track fees for new infrastructure (SEK Million) SEK 1073 Million 20
19 Prices today Direct flights SAS 15 direct flights a day Tomorrow (OS255) SEK 850 to average Next week (KTH) SEK 960 to average Norwegian 7 direct flights a day SEK 619 to 969 average 788 SEK 398 to 919 average 498 SJ 4 trains a day SEK 385 to 855 average 737 SEK 207 to 721 average 463 Average SEK SEK 643 SEK 600 Arlanda express SEK 280 (Bus SEK 99) SEK 280 (Bus SEK 99) - Flytoget SEK 190 (NOK 180) SEK 190 (NOK 180) - Total SEK SEK SEK 600 Ticket revenues SEK 1 267M SEK 225M SEK 180M 21
20 Business Case - profit Investments Costs Funding NPV Sensitivity: Revenues -20% = Break even 9 CAPEX (initial investment) Reinvestments (CAPEX) OPEX Tax Revenues Residual value NPV with Project IRR of 3,3% Grants NPV with Project IRR of 5,0% 22
21 Project timeline Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q ÅVS NTP no NTP se Business Case Negotiate Business Case KVU Railwayplan, Gränsbanan Railwayplan, Nobelbanan Presentation Permit Procure Design Bulid Commissioning 2030/2031
22 Is Oslo-Stockholm profitable? From a socio-economic perspective From a state-business perspective Special track fees would serve the total capital cost. From a private-business perspective IRR 3.3% without grants and 5% with 1/3 in grants. Yes Absolutely Credit guarantees needed 24
23 Signed LOIs supporting the Business Case Acciona, Spain Alstom, France CCCC, China CMC di Ravena, Italy Engie-Ineo, France Gülermak, Turkey Infranode, Sweden Iridium-ACS, Spain Jernhusen, Sweden Meridiam, France MTR Nordic, Sweden OHL, Spain Pareto Securities, Norway SNC Lavalin, Canada TSO, France SJ, Sweden, has signed a letter of interest Companies working together with us: Kommuninvest NIB PA Consulting Ramböll SEB Sweco 25
24 Early Swedish planning (ÅVS) is finished The goal is a travel time of max 3 hours. Current infrastructure is not enough. In the short term, capacity measures are needed on the existing track. In the long term, Nobelbanan and a new cross-border connection is needed. 26
25 Ten-T networks of Europe 27
26 Swedish NTP The Government intends to initiate a dialogue with the Norwegian government on the development of the cross-border stretches described by the Swedish Transport administration Stockholm-Oslo, Gothenburg-Oslo and Malmbanan / Ofotenbanan. The government sees a special need for countries to jointly investigate how rail links in the aforesaid stretches can be strengthened. Tomas Eneroth, Minister of Infrastructure, about Stockholm- Oslo, Press conference presenting new NTP, June 4 th
27 Planning continues 29
28 What s next That the governments in Norway and Sweden take the initiative to investigate, together with us and private sector, the possibility to financing a better railway between Oslo and Stockholm. That the planning process for a better railway continues with: - A KVU for the Kongsvinger track and that the Swedish Transport Administration coordinates with the KVU. - A ÅVS for the Värmland track between Arvika and Kristinehamn - A ÅVS for the Nobel track. Application for EU funds to continue investigation and planning. 32
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