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2 Day Conference: February 23
| 08.00 |
Morning Networking And Registration |
| 08.40 |
Chair’s Opening Remarks |
Chairperson:
Mr. Stephen Robillard Vice President, High Speed Rail USA, SIEMENS
The Chair of High Speed Rail U.S. 2010 will open the conference by setting out the tangible goals of the conference.
- Understanding how high speed rail in the U.S. can work financially by examining the scope of funding models and sharing best practice from abroad
- Prioritizing common goals amongst all key stakeholders in the implementation of U.S. high speed rail, to channel the momentum in the industry
FEDERAL ADMINISTRATION’S VISION FOR FUNDING & SUPPORTING
HIGH SPEED RAIL |
Clarifying the extent of current legislation for the public funding of high speed rail in the USA, and discussing what measures will be necessary to carry through this commitment by the government in the future.
PANEL SESSION
| 09.00 |
Understanding How The Federal Stimulus Package Will Be Mobilized By The FRA To Implement High Speed Rail In The USA: Translating The Vision Into Reality |
A panel consisting of state DOTs and the U.S. freight railroads will outline the federal vision on how to use public funds to make U.S. high speed rail a reality. The session will also examine how the federal authorities perceive the role of the private sector in the financing of high speed rail. It will conclude by explaining how the federal administration currently plans to achieve the goals that were set for achieving high speed rail in the U.S.
A. Outlining Federal Funding Strategy
- Outlining the overall goals that will be achieved by funding high speed rail in the USA and when these goals are expected to occur
- Explaining criteria for the allocation of federal money
- How current legislation including ARRA and PRIIA will help projects long-term
- Collaborating with freight railroads to optimize the fertility of both rail industries
- Understanding how the federal government will promote local, state and private funding opportunities for high speed rail projects
B.Vision On The Incorporation Of The Private Sector Into High Speed Rail
- Practical methods for overcoming resistance to privatization amongst states and members of the general public
- Where and when infrastructure projects have used PPP in the past (such as U.S. highways) and what lessons have been learned from this
- The advantages of partnering with private operators such as increased structural efficiency and creating added value through innovative marketing
C. Regional Funding Strategies
- Understanding the cost of using private right-of-way for high speed rail and how the impact on freight railroads varies regionally
- How to accommodate freight traffic in mixed-use corridors
- Learning how the federal government will support contrasting project scales and needs in the different regions
- The case for forming dedicated trust funds for large infrastructure projects in the U.S., for example the Interstate Highway System
- Identifying key goals for success and how to achieve them, including:
- Generating political will by making sure that the first project to come to completion is safe and operational from day one
- Facilitating collaboration and the sharing of ideas by fostering the partnership between state departments of transport and the freight railroads
- Promoting sustainability in the long-term
Moderator:
Commissioner Francis P. Mulvey, Member, SURFACE TRANSPORTATION BOARD
Speakers:
Tim Hoeffner, Administrator, MICHIGAN DOT
DJ Mitchell, Assistant Vice President of Passenger Services, BNSF RAILWAY
George Weber, Bureau Chief, STATE OF ILLINOIS
Mark Bristol, General Director Network & Business Development, UNION PACIFIC RAILROAD COMPANY
William “Bill” Glavin, Director Of Rail Division, TEXAS DOT
| 10.00 |
Extended Questions And Discussion |
| ASSESSING THE LIMITS OF RISK FROM A PRIVATE FINANCING PERSPECTIVE |
PRIVATE SECTOR INVESTMENT PANEL
| 10.20 |
The Spectrum Of Private Involvement In Infrastructure Projects: Applying Funding Models And Financial Mechanisms In Practice |
Hear from the most influential collection of private investors including private equity firms, debt financiers and banks on what specific criteria must be fulfilled in order for them to become involved in high speed rail projects. This session will provide practical information that aims to facilitate and open discussion between high speed rail projects and their potential private investors. It will include some of the tools used to assess costs and risks when financially planning projects.
- Defining the criteria needed to make a good investment
- How the private sector takes on risk through PPPs and at what time it will get involved in U.S. high speed rail
- Risk mitigation in project planning by producing realistic budgets and revenue forecasts
- Secured federal or state bonds (depending on investment grades forecasts) will greatly increase interest by private investors
- Political will and public support ensures long-term repayments on private investment
- Understanding the spectrum of private involvement in any combination of activities along the supply chain, and how this confers risk upon both public and private entities
- Sharing experience in the advantages of different types of PPP and full concession versus availability payment models
- Summarizing what is most likely to occur in terms of private sector involvement in U.S. high speed rail
Moderator:
Edward Fanter, Director Infrastructure Project Finance, BARCLAYS CAPITAL
Speakers:
Peter Luchetti, Senior Partner, TABLE ROCK CAPITAL
Robert Dove, Managing Director, CARLYLE GROUP
Tyler Duvall, Senior Advisor, MCKINSEY & COMPANY
Mark Sontag, Vice President Project Development, SIEMENS
| 11.05 |
Question And Answer Session |
| 11.15 |
Morning Refreshments Served In The Exhibition Showcase Area |
| LOCAL & INNOVATIVE FINANCING MECHANISMS FOR HIGH SPEED RAIL |
PANEL SESSION
| 11.35 |
Understanding The Role Of Innovative Financing And Revenue Generation Schemes |
- Defining a list of the ways in which high speed rail can make money
- Explaining innovative finance regarding station area development, special taxes and other methods
- Discovering what makes local revenue streams attractive to the private sector and learning about their value-adding benefits
- Formulating a likely financial model, and the role of innovative finance in this, for incremental high speed rail and “true” high speed rail in the U.S.
Speakers:
Tom Rousakis, Vice President, GOLDMAN SACHS
Perry Offutt, Managing Director Investment Banking, MORGAN STANLEY
| 12.20 |
Question And Answer Session |
| 12.25 |
SNCF’s Experiences Of Operating Profitable High Speed Rail Projects Internationally |
- Critical success factors for U.S. high speed rail
- Strategies that can be applied from the perspective of an international rail operator
Hervé Le Caignec, Senior Vice-President, International Business Development, SNCF
| 12.50 |
Networking Lunch Break Served In The Exhibition Showcase Area |
Chaired By:
Armin Kick, Director of High Speed Rail Development, Rolling Stock Mobility Division Siemens Industry, Inc.
WHAT MAKES A GOOD INVESTMENT?
AN IN-DEPTH ANALYSIS OF THE KEY CORRIDORS TO DETERMINE THE QUALITY OF INVESTMENT
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This feature will present and discuss five of the most mature high speed rail projects in the U.S. at the moment, and how their current financial models aim to achieve optimal cost-effectiveness. Each corridor will be analysed in terms of the key types of contract it will offer (in relation to its financial strengths and weaknesses) and a timeline for their completion, its profitability model based upon detailed hypothetical cost-benefit analyses, detailing whether high speed rail is worth building in each region and what the net benefits will be, considering the specific conditions affecting that corridor. The end of this session will conclude which corridors offer the best scenario in terms of investment.
IN-DEPTH CORRIDOR STUDIES
| 1.50 |
California High Speed Rail: Lessons Learned In Financing High Speed Rail |
- How and why California’s high speed rail has created such momentum amongst the public at a planning stage
- Evaluating funding opportunities at state and local level, as well as innovative finance including public private partnerships
- The costs, benefits and risks and how this will translate into profitability
- Overcoming the problems encountered at different stages
Judge Quentin L. Kopp, Member Of Board, CALIFORNIA HIGH SPEED RAIL AUTHORITY
| 2.15 |
Chicago Hub Network: A Multi-State Incremental Approach Corridor |
- Incremental improvement of passenger rail to 110mph
- The costs: reasonable construction costs and room for further development; expensive real estate due to dense population
- Profitability: economic costs and benefits based on population statistics and sharing tracks with freight traffic
- Detailed ridership forecast and revenue expectations
- Scenario of dedicated passenger rail tracks and how this compares to the incremental approach
Tim Hoeffner, Administrator, MICHIGAN DOT
| 2.40 |
Florida High Speed Rail: Dedicated High Speed Passenger Rail Service Corridor |
- Dedicated passenger track and true high speed rail
- The full scale of the costs
- Detailed ridership forecasts and revenue expectations, considering political context
- Profitability based on costs, benefits and the extent of the risks
- The role of public private partnerships and subsequent financial model
Stephanie Kopelousos, Secretary, FLORIDA DOT
| 3.05 |
Northern New England Corridor: Improving on the North-East Corridor |
- The need for improved passenger rail – population density
- An upgrade approach solely using public funding (Phase 1 New Hampshire)
- Negotiating with the freight railroads for right of way and utilizing their expertise and equipment during construction and procurement of the rolling stock
- Time frame of the corridor and the user-benefits of high speed rail to Montreal
Mike Izbicki, Director, NEW HAMPSHIRE HIGH SPEED RAIL AUTHORITY
| 3.30 |
South East Corridor: Gaining Local Political Will As A First Step |
- The feasibility of different speeds from studies done – the perspective of a corridor at an early stage
- Mechanisms for gaining local support for high speed rail using innovative funding mechanisms to ensure operational sustainability
- Understanding how to reconcile the need for high speed rail with sources of funding for capital costs
Erik Steavens, Director Intermodal Programs, GEORGIA DOT
| 3.55 |
Questions And Discussion |
| RIDERSHIP REVENUE FORECASTING: THE CORNERSTONE OF A SUSTAINABLE BUSINESS MODEL |
ACCURATE FORECASTING SESSION
| 4.00 |
Ridership Forecasting: Working Towards Predicting Where And When High Speed Rail Will Be Sustainable |
In light of the revenue opportunities in high speed rail and the five corridors discussed, this panel will present empirical data on ridership from different regions and discuss what this means in terms of risk, helping projects to aim for realistic time and cost budgets.
- Outlining the full impact of ridership forecasts on the future of high speed rail
- Comparing ridership of incremental and true high speed rail
- The hidden costs of high speed rail: utilizing reliable forecasts in order to avoid the mistakes of the past
- Identifying which projects will become sustainable and when, and how to optimize ridership in different regional situations
Speakers:
Andrew Von Ah, Assistant Director Physical Infrastructure, GOVERNMENT ACCOUNTABILITY OFFICE
| 4.45 |
Extended Questions And Discussion |
| 5.00 |
Afternoon Refreshments Served In The Exhibition Showcase Area |
| DIRECTLY COMPARING THE PROFITABILITY MODELS OF INCREMENTALLY IMPROVED PASSENGER RAIL & NEW BUILD HIGH SPEED RAIL |
This panel will compare, through the presentation of empirical data, the different scale of profitability resulting from the two broadly different approaches to high speed rail in the USA. While recognizing the inherent shortcomings of a classic cost-benefit analysis, it is at this stage useful to consider a hypothetical scenario, quantifying the costs and benefits empirically in so far as this is possible.
Together the multiple stakeholders can then draw conclusions about what the key priorities should be for funding high speed rail projects at this moment in time.
ECONOMIC ANALYSIS SESSION
| 5.20 |
Directly Comparing the Profitability Models Of High Speed Rail Services Using New Build High Speed Tracks and Upgraded Infrastructure: The Spanish Experience. |
- Explaining factors affecting the costs and benefits of new build and upgraded high speed rail
- What the U.S. industry can learn from the planning of high speed rail in Spain
Apolinar Rodriguez Diaz, International Director, RENFE - SPAIN
AUDIENCE-WIDE DISCUSSION SESSION
| 5.50 |
Discussing The Case For Investing In Incremental Or New Track High Speed Rail Corridors In The U.S. |
- Determining the primary costs and benefits of a corridor of specified length and population distribution in the U.S.
- Illustrating in economic terms the secondary costs and benefits including total lifecycle environmental cost
- Comparing the overall profitability of the true high speed rail above using a cost-benefit analysis of an incremental corridor of the same length and population distribution
- Is the investment worth making commercially?
Moderator:
Commissioner Francis P. Mulvey, Member, SURFACE TRANSPORTATION BOARD
| 6.15 |
Chair’s Closing Remarks And Close Of Conference Day One |
NETWORKING SESSION DEDICATED TO BUILDING PARTNERSHIPS
| 6.30 |
Business Card Swap Session And Cocktail Reception In The Exhibition Showcase Area |
Networking Session 1: State DOTs And Private Supply Companies
Networking Session 2: Private Supply Companies And Financial Entities
Networking Session 3: Financial Entities And Public Entities |
 Top
EXECUTIVE BREAKFAST BRIEFING
07.00 – 08.30 The USA’s Position In High Speed Rail
Skepticism abounds concerning whether or not high speed rail is just an expensive waste of federal and stakeholder money. This panel provides an open forum debate, explaining the advantages and disadvantages of America’s current position in high speed rail. Showing on the one hand how the U.S. capitalizing on the advantages of being “late in the game”. On the other hand there are a set of unique challenges the U.S. holds for the implementation of passenger rail.
- What lessons may be learned from global high speed rail: setting the benchmark using comparable political, social and economic situations
- Utilising the technology and supply chains that are already in existence
- Within the U.S.: how to avoid repeating the mistakes of the past
- The specific challenges the U.S. faces – the importance of the automobile, air and freight railroad industries
|
John Gray, Senior Vice President Policy and Economics, ASSOCIATION OF AMERICAN RAILROADS
| GENERATING PUBLIC SUPPORT & MAINTAINING POLITICAL WILL |
Laying The Groundwork For Increasing Ridership And Revenue Forecasts
Chairperson:
Mr. Stephen Robillard Vice President, High Speed Rail USA, SIEMENS
ROUND-TABLE SESSION
| 09.00 |
How Taxpayers Can Be Shown The Benefits Of Their Investment |
On day one the profitability of high speed rail in the U.S. was analyzed, giving a clear picture of where, when and how high speed rail projects will provide the greatest investment opportunities. But in order to attract private investment, projects must first secure public funding. Therefore this round-table session will consider the political will behind the allocation of the taxpayers’ dollars. This first panel will deal with the benefits to the taxpayer of high speed rail, and how these can form the basis of a public campaign, selling passenger rail as a viable alternative mode of transport.
- Case Studies from Southern California: running successful passenger rail services while collaborating with freight railroads
- Reviewing current public support for high speed rail in different regions
- Discussing how to sell high speed rail to a culture that is tied to the automobile
- Analyzing how difficult travel conditions have warranted high speed rail acceptance and other methods of persuasion
- Making passenger rail part of an integrated transportation infrastructure and how this would further public support and ridership revenues
- Evaluating the impact that high speed rail will have on air and automobile transportation, and how this will affect its political and public support
Speakers:
Tom Mulligan, Director Of Passenger Rail Operations, UNION PACIFIC RAILROAD COMPANY
Eugene Skoropowski, Former Managing Director, CAPITOL CORRIDOR JOINT POWERS BOARD
Ross Capon, President, NATIONAL ASSOCIATION OF RAILROAD PASSENGERS
Bill Bronte, Chief Division Of Rail, CALIFORNIA DOT
| 09.30 |
Questions And Discussion |
| COMPARING INTERNATIONAL FINANCIAL MODELS IN HIGH SPEED RAIL: WHAT U.S. PROJECTS CAN LEARN |
This session will focus in detail on four international case studies that can offer solutions to the problems that may be encountered in U.S. high speed rail. Representatives from international projects will outline where private investment and innovative financing impacted the long-term profitability of their projects. The concluding panel will draw up learning objectives for U.S. high speed rail and will synthesize the findings of the conference to form conclusions about what the main priorities and next steps should be in order to optimize the profitability of rail projects in the U.S.
INTERNATIONAL CASE STUDIES
| 10.00 |
Netherlands HSL South: PPP Structures And Ensuring Local Support |
- Learn how the Dutch authorities aimed to maximize public support through careful planning and negotiation
- Understand the three part financing structure and why it was so successful in attracting private investors
- Assess the potential for future financial difficulties and how risk was allocated
- Applying lessons to be learned from the Netherlands for U.S. high speed rail
Paul Van Straten, Project Manager Rail Directorate, NETHERLANDS MINISTRY OF TRANSPORT, PUBLIC WORKS AND WATER MANAGEMENT
| 10.30 |
Morning Refreshments Served In The Exhibition Showcase Area |
| 11.00 |
UK High Speed Rail: Private Investment And Sustainability |
- Learning how the UK’s HS1 project was financed and its profitability
- Determining how risk was transferred onto the private sector
- Analyzing the financial performance of HS1 and how its sustainability can inform U.S. projects
Paul Chapman, Managing Director, HS1, U.K.
| 11.30 |
Portugal RAVE: An Innovative Business Model Drawing Inspiration From Europe |
- New build high speed rail lines in Portugal – financing the infrastructure
- Understanding the importance of dividing PPP contracts in the business model
- How this model is different from the rest of Europe and has been adapted to the unique situation of Portugal
Jaime Costa, Head Of Finance, RAVE – PORTUGAL
| 12.00 |
France: The Experience Of Réseau Ferré De France (RFF) In Implementing High Speed Rail |
- What the US can learn from the heritage of the French high speed rail network
- Analyzing the success of three financial models in France: Publicly funded; Built Operated and Transferred; and Public-Private contracts
- Understanding the roles of European, federal and regional governments in France and how this can inform US high speed rail
Michel Croc, International Projects Development Director, RESEAU FERRE DE FRANCE
| 12.30 |
Question And Answer Session |
| 1.00 |
Networking Lunch Break Served In The Exhibition Showcase Area |
Chaired By:
Armin Kick, Director of High Speed Rail Development, Rolling Stock Mobility Division Siemens Industry, Inc.
| 2.00 |
Shovel To Farebox: Key Issues In Developing Procurement Strategies For High SPeed Rail In The U.S." |
- Strategic use of federal funding
- Incorporation of publicly-funded early works and civil works into a public private partnership
- Management of integration risk and ridership risk
- Drawing upon the international experience
Dolly Mirchandani, Partner, FRESHFIELDS BRUCKHAUS DERINGER LLP
| 2.30 |
Question And Answer Session |
| 2.55 |
Developing a Vision for High Speed Rail in the USA |
Andy Kunz, President & CEO, US HIGH SPEED RAIL ASSOCIATION
| 3.30 |
Afternoon Refreshments Served In The Exhibition Showcase Area |
PANEL SESSION
| 3.50 |
Bringing Together Key Learning Objectives And Practical Solutions |
This session faces the critical issue of when and to what extent high speed rail can become sustainable. Putting financial mechanisms and all of the sources of funding outlined earlier in the conference into the context of gaining public support, while retaining the priority of making high speed rail where there is a genuine need and answering the demands of cost-benefit analyses, this final panel will draw realistic conclusions and achievable solutions for the advancement of high speed rail in the U.S.
- What financial models have worked in Europe and what financial models make most economic sense in the U.S.
- Where when and how high speed rail will become sustainable and prioritizing the ways in which U.S. projects can work together towards profitability
Joseph Aiello, Senior Investment Director And Partner, MERIDIAM INFRASTRUCTURE
Richard Harnish, Executive Director, MIDWEST HIGH SPEED RAIL ASSOCIATION
Jaime Costa, Head Of Finance, RAVE – PORTUGAL
CLOSING PAN AUDIENCE DISCUSSION
| 4.10 |
Making High Speed Rail Work In The U.S. – Priorities For Immediate Action |
This session provides a set of practical solutions to help implement high speed rail after the summit.
- Identifying the critical order of activities that must now take place to maximize efficiency in the road towards profitability in U.S. high speed rail
- Getting the taxpayers’ vote without a flagship completed project
- Forming key partnerships between public and private entities
- Aligning key goals and their timelines between different stakeholders and opening pathways of communication to facilitate high speed rail implementation post-summit
| 4.40 |
Extended Questions And Discussion |
| 5.00 |
Chair Closing Remarks And Close Of Conference |
Top
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| CALIFORNIA HIGH SPEED RAIL AUTHORITY, TEXAS DOT AND RFF JOIN FINANCING HSR SUMMIT . . More |
Commissioner Francis P. Mulvey
Member
Surface Transportation Board
D.J. Mitchell
Assistant Vice President of Passenger Services
BNSF Railway
Andrew Von Ah
Assistant Director Physical Infrastructure
Government Accountability Office
Stephanie Kopelousos
Secretary
Florida DOT
Mark Bristol
General Director Network & Business Development
Union Pacific Railroad Company
Tim Hoeffner
Administrator
Michigan DOT
Mike Izbicki
Director
New Hampshire Rail Authority
Erik Steavens
Director Intermodal Programs
Georgia DOT
Joseph Aiello
CEO and Partner
Meridam Infrastructure
George Weber
Bureau Chief
Illinois DOT
Paul Van Straten
Project Manager Rail Directorate
Netherlands Ministry Of Transport, Public Works And Water Management
Richard Harnish
Executive Director
Midwest High Speed Rail Association
Armin Kick
Director of High Speed Rail Development, Rolling Stock Mobility Division
Siemens Industry, Inc.
Stephen Robillard
Vice President, High Speed Rail USA Mobility Division
Siemens AG
Edward Fanter
Director Infrastructure Project Finance
Barclays Capital
Carlos Fernandes
Member of Board
RAVE, Portugal
Tom Rousakis
Vice President
Goldman Sachs
Peter Luchetti
Senior Partner
Table Rock Capital
Perry Offutt
Managing Director Investment Banking
Morgan Stanley
Paul Chapman
Managing Director
HighSpeed1
Tyler Duvall
Senior Advisor
McKinsey & Company
Robert Dove
Managing Director
The Carlyle Group
John Gray
Senior Vice President Policy and Economics
Association of American Railroads
Ross Capon
President
National Association of Railroad Passengers
Apolinar Rodriguez Diaz
International Director
RENFE - Spain
William Bronte
Chief, Division of Rail
California Department of Transportation
Hervé Le Caignec
Senior Vice-President, International Business Development
SNCF
Dolly Mirchandani
Partner
Freshfields Bruckhaus Deringer LLP
William 'Bill' Glavin
Director Of Rail Division
Texas DOT
Judge Quentin L. Kopp
Member Of Board
California High Speed Rail Authority
Michel Croc
International Projects Development Director
Réseau Ferré de France (RFF)
Andy Kunz
President & CEO
US High Speed Rail Association
Tom Mulligan
Director Of Passenger Rail Operations
Union Pacific Railroad Company
Eugene Skoropowski
Former Managing Director
Capitol Corridor Joint Powers Board
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