Evaluation of Rail Infrastructure Investments Related to the New Rail Regulatory Environment in Some Countries
As for any transportation infrastructure project, rail investment projects are subject to appraisals, which traditionally include an economic evaluation to determine public benefits and a financial analysis to determine the purely financial returns. When the company that owns and manages the rail infrastructure, termed the “infrastructure manager,” is legally different from the company that provides the rail service, appraisals are typically carried out separately for the infrastructure manager and the train operator. The appraisal process is different from the process when the same legal entity owns and manages both infrastructure and train operations. The distinction is especially pertinent for European Union member states. This study proposed a comprehensive methodology for rail investment project appraisal for the case of rail infrastructure and train operations that were owned and managed by separate legal entities. The study defined the socioeconomic viability of a project from the infrastructure manager's perspective, which reflected social welfare, as well as the financial viability of the project from the perspectives of the infrastructure manager and the operator. It was recognized that a project would proceed only if the socioeconomic evaluation were positive. In the case of a negative financial appraisal, which was often the case for low-volume rail links, the study demonstrated how the use of subsidies could render the rail investment financially viable. The methodology was applied for a proposed investment in the western extensions of the railway network of Greece project.
China Railway Express Subsidy Model Based on Game Theory under “the Belt and Road” Initiative
China Railway Express (CR Express) is an emerging freight transport mode between China and Europe, which provides a new option in addition to air transport and ocean shipping. At the initial stage of development, due to the higher freight costs compared to ocean shipping, the government subsidy provided for the China Railway Express operator plays an important role in the process of market cultivation. The original intention of the government subsidy was to promote the rapid and sustainable development of China Railway Express and the further subsidy scheme should encourage China Railway Express operators to act towards the expected goal of the local government. This research is devoted to modeling and solving the problem of optimal subsidy amount in the operation of China Railway Express. Firstly, a subsidy model is established with the consideration of different objectives of local government and China Railway Express operator, which are affected by the operational effort level of the China Railway Express operator, actual freight rate and the highest freight rate that the shipper is willing to pay. Then, the validity of the proposed model is analyzed in the case study of the China Railway Express line (Wuhan–Hamburg). The effects of different subsidy amounts on the social benefits of local government and profits of the China Railway Express operator are analyzed and the sensitivity analysis is carried on the operational effort level of China Railway Express operator and the highest freight rate that shipper is willing to pay. The analysis results show that the optimal subsidy amount is between 2000 and 2500 USD per Forty-Foot Equivalent Unit (FEU). Finally, suggestions are proposed according to the analysis results. These findings can provide useful references for promoting the sustainable development of China Railway Express.
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