Privatization of a High Speed Rail Project - lessons learnt. T.C. Kao University of Illinois/ Research Professor Illinois, U.S.A.

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1 Privatization of a High Speed Rail Project - lessons learnt T.C. Kao University of Illinois/ Research Professor Illinois, U.S.A.

2 Why does Taiwan need High Speed Rail? Annual Increasing Rate (%) Per GDP of Taiwan (US Dollar) Year

3 History of Project 1987 Feasibility study by Government 1990 Govt established preparation office 1992 Govt approved HSR alignment 1993 HSR plan to privatize the Project 1994 Govt passed enactment for Privatization 1996 Express of Interest issued 1997 Govt selected THSR Consortium as the preferred bidder

4 Why BOT (Privatization)? Lessons learned in the Taipei Mass Rapid Transit projects- efficiency of public works Competitions of public funds Entrepreneurship of private sectors Private funding Efficiency of private management To Share the risks / gains

5

6 Steps of the Privatization Encouragement Act for Private Participation in Infrastructure Projects Construction & Operation Agreement (C&OA) Preparation - Land Acquisition - EIA / EIR - Geotechnical / Utility - Preliminary Design - Tender Documents - Road Shows Call for Tenders Tender Evaluation Negotiation & Award Construction Operation

7 Construction & Operation Agreement (C&OA)-1 Project Requirements: Right of Way (ROW), Alignment System Design Criteria and O&M Requirements (Core system, Infrastructure, Operation & Maintenance) Independent Verification & Validation

8 Construction & Operation Agreement (C&OA)-2 Concession Rights : 35 year construction & operation right 50 year station land commercial right Cash injection for nonrecoverable (non-self- liquidated ) investment

9 Construction & Operation Agreement (C&OA)-3 Government Obligation: Land acquisition No second HSR in the western corridor in next 30 years

10 Station Area Development HSR Alignment Station Land Business Development Land

11 Work Scope of THSR Project (Source: Tender Documents) The planning, design, and construction of: Maximum Work Scope Minimum Work Scope Optional Work Scope 1.Core System 2.Track Works 3.Depots 4.Stations 5.Civil Works of the Test Track 1.Civil Works 2.Disaster Warning Systems Private Investment Optional Investment by the Private Private Investment Plan Government Obligation 1.Land Acquisition 2.Underground Civil Work of Wan Hua - Ban Ciao Section 3.Management and Supervision Government Investment 3.5 billion $

12 Fierce Competition China High Speed Rail Consortium KMT backed enterprises Japanese suppliers Taiwan High Speed Rail Consortium 5 young entrepreneurs 5 successful private companies European Partners ( 中國評論新聞網 ) ( 中央社 )

13 An offer the government can not resist China High Speed Rail Consortium Government Financing - NT$ ($5) billions Taiwan High Speed Rail Consortium Government Financing - NT$ (-) ($3.5) billions

14 Pricing Comparison (Source: Bureau of Taiwan High Speed Rail, MOTC) Total Project Cost: 17 billion $ Pricing Documents In the Tender Taiwan High Speed Rail Consortium Private Maximum Work Scope: 13.5 billion $ Government Obligation: 3.5 billion $ Capital Investment: 3.4 billion $ (25.46%) Contribution from Major Share Holders: 1.8 billion $ (51%) Bank Financing: 10.1 billion $ (74.53%) Government Investment: 3.5 billion $ Refund to the Government: 3.5 billion $ Recoverable Investment: 13.5 billion $ (79.4%) Private Investment Recoverable Investment: 3.5 billion $ (20.6%) Recoverable Investment: 12.3 billion $ Private Investment Non Recoverable: 8.5 billion $ Capital Investment: 3.3 billion $ Bank Financing: 9.0 billion $ Optional Investment: 5.0 billion $ Government Obligation: 3.5 billion $ Maximum Work Scope: 17.3 billion $ Government Obligation : 3.5 billion $ China High Speed Rail Consortium

15

16 Is the project (or privatization) successful? Project Management Success a. Time b. Cost c. Quality Product success a. Meeting the project owner s strategic objectives b. Satisfying the user s needs

17 Project Management Criteria Time: Cost :

18 Project Management Criteria-2 Quality (On- time performance)

19 Product Success Criteria - Meeting User Needs ( Ridership) 120 Daily Ridership (10 3 Passengers/ per day) Months of Commercial Service KHSR THSR

20 Product Success Criteria - Meeting User Needs ( Ridership) Daily Ridership (10 3 Passenger/ per day) THSR Ridership Growth Curve Months of Commercial Sevice

21 Product Success Criteria- Meeting the Project Sponsor s Strategic Goal? Government Point of View? Concessionaire s?

22 Meeting the Project Sponsor s Strategic Goal-1 Government Point of View: To have a HSR built to resolve traffic congestion along the west coast of Taiwan- Yes To allow for private funding participation Mostly Yes To utilize project management efficiency of private enterprises- Yes

23 Meeting the Project Sponsor s Strategic Goal-2 Concessionaire s Point of View: Participation in the building of the project- Yes Become a successful HSR operator- No Recovering investments Not yet

24 The Ridership has not been satisfactory

25 Annual Financial Report- 2007~2009

26 Loan Restructure

27 Annual Financial Report- 2010

28 Lessons Learnt THSR has provide a high speed, high capacity, environmental friendly and energy efficient transportation tools to the west coast of the island country. The THSR has proven that privatization is doable for HSR projects. The BOT scheme used by Taiwan can be a good reference for future HSR projects. The overly optimistic of the concessionaire is one of the major reasons for many controversy developed. Government support is the key to the success of the project.

29 Risks Federal State Local Private Figure 6

30 Has THSR proven to be a high speed, high capacity, environmentally friendly and energy efficient transportation tool? S. disagree M. disagree Neither M. agree S. agree

31 Do you agree that the BOT scheme of the THSR has successfully introduced the private financing into the public work? S. disagree M. disagree Neither M. Agree S. Agree

32 During the course of the project, the government made many efforts to rescue the concessionaire and the project. Do you agree with the government s effort? S. disagree M. disagree Neither M. agree S. agree

33 Do you agree that the BOT scheme has many merits for other HSR projects to reference? S. disagree M. disagree Neither Agree S. agree

34 Any questions? Thanks!

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