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Author: Great Britain. Parliament. House of Commons. Committee of Public Accounts
Publisher: The Stationery Office
ISBN: 9780215023490
Category : Public-private sector cooperation
Languages : en
Pages : 68
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Book Description
In March 2003, the Government signed three 30-year public private partnership (PPP) deals worth an estimated £15.7 billion for the maintenance and renewal of London Underground trains and stations, track and signalling, after a five-year procurement process which cost £455 million. Under the PPPs, London Underground retains responsibility for operations and safety, whilst three private sector infrastructure companies (infracos) maintain and renew the infrastructure. There is a built-in periodic review mechanism, untried in any other PPP arrangement, which enables the parties to respecify requirements and make changes to prices. Ownership of London Underground was transferred to Transport for London in July 2003, which reports to the Mayor of London, although the Department for Transport still retains an interest. Following on from two NAO reports (HCP 644, session 2003-04, ISBN 0102928339 and HCP 645, session 2003-04, ISBN 0102928320) published in June 2004, the Committee's report examines the rationale for the PPPs, the contract price and other costs, and the contract management arrangements.
Author: Great Britain. Parliament. House of Commons. Committee of Public Accounts
Publisher: The Stationery Office
ISBN: 9780215023490
Category : Public-private sector cooperation
Languages : en
Pages : 68
Get Book Here
Book Description
In March 2003, the Government signed three 30-year public private partnership (PPP) deals worth an estimated £15.7 billion for the maintenance and renewal of London Underground trains and stations, track and signalling, after a five-year procurement process which cost £455 million. Under the PPPs, London Underground retains responsibility for operations and safety, whilst three private sector infrastructure companies (infracos) maintain and renew the infrastructure. There is a built-in periodic review mechanism, untried in any other PPP arrangement, which enables the parties to respecify requirements and make changes to prices. Ownership of London Underground was transferred to Transport for London in July 2003, which reports to the Mayor of London, although the Department for Transport still retains an interest. Following on from two NAO reports (HCP 644, session 2003-04, ISBN 0102928339 and HCP 645, session 2003-04, ISBN 0102928320) published in June 2004, the Committee's report examines the rationale for the PPPs, the contract price and other costs, and the contract management arrangements.
Author: Great Britain. National Audit Office
Publisher: Stationery Office Books (TSO)
ISBN: 9780102762013
Category : Public-private sector cooperation
Languages : en
Pages : 22
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Book Description
The Department of Environment, Transport and the Regions (DETR) and London Transport intend to award Public Private Partnership (PPP) contracts to private sector bidders only if they pass two separate tests, the safety test and the value for money test. The value for money test assesses whether bidders offer superior value for money when compared to an alternative, publicly-funded infrastructure operation. To inform the judgement about value for money, London Underground has done extensive financial analysis and has prepared estimates of the cost of publicly funding the infrastructure under alternative financing scenarios. These cost estimates are called Public Sector Comparators. This report considers the extent to which these financial analyses resolve the value for money test. It focuses on London Underground's methodology for the financial analysis of bids and the Comparators. The Report considers that London Underground financial analysis has been thorough and provides useful but incomplete insights about the value for money of alternative approaches to managing and funding the Underground's infrastructure. The financial analysis does not, and could not, cover all the important factors needed to assess value for money. It is essential that the decision-makers understand what lies behind the figures before deciding which option to take forward. The safety test is being considered by London Transport and the Health and Safety Executive and is not part of this report.
Author: Great Britain: Parliament: House of Commons: Transport Committee
Publisher: The Stationery Office
ISBN: 9780215038319
Category : Business & Economics
Languages : en
Pages : 134
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Book Description
This report from the Transport Committee, examines London Underground and the Public-Private Partnership Agreements. The Government originally announced proposals for modernising the London Underground network system via Public-Private Partnership (PPP) agreements in 1998. Three contracts were drawn up with: (i) Tube Lines for the maintenance and renewal of the Jubilee, Piccadilly and Northern Lines; (ii) with Metronet Rail BVC for the maintenance and renewal of the Bakerloo, Central, Victoria & Waterloo & City Lines; (iii) with Metronet Rail SSL, responsible for the maintenance and renewal of the "sub-surface lines": the Circle, District, Hammersmith & City, Metropolitan & East London Lines. These PPP Agreements, 30 years in duration, were arrangements to maintain, renew and upgrade parts of London Underground by private sector infrastructure companies (Infracos), whilst London Underground is responsible for services to customers. The PPP Agreements also set out a performance-related incentive and penalty scheme to remunerate the Infracos for the improvements they make to the network. In May 2007, Metronet admitted an overspend of £1 billion and was refused access to loan facilities by the banks. It then made a reference to the PPP Arbiter, which in turn triggered an Extraordinary Review (which occurs when extra costs are incurred above the level allowed for the bid). Metronet put in a bid for £551m but the PPP Arbiter provisionally concluded that a sum of £121m was appropriate. Metronet subsequently went into administration on 18 July 2007. The report sets out a number of conclusions and recommendations, including: contracts that were supposed to deliver 35 station upgrades, in fact delivered only 14, 40% of the requirement; stations that were supposed to cost Metronet SSL £2m, cost £7.5m, with only 65% of schedule track renewal accomplished; the Committee criticises the consequences of the imposition of PPP on Transport for London, as a "lamentable state of affairs", with the future of most of London Underground's upgrade and maintenance work in doubt; the Committee states, that the Government should remember the failure of Metronet before it considers entering similar arrangements; that the Government should publish a candid analysis of the events preceding Metronet's collapse and its consequences; the Committee believe that the PPP model was flawed and probably inferior to traditional public-sector management; that the Government needs to prioritise transparency and clarity to taxpayers and ensure that any future contracts result in clear accountability.
Author: Great Britain. Parliament House of Commons. Transport, Local Government and the Regions Committee
Publisher:
ISBN: 9780215001535
Category :
Languages : en
Pages : 38
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Book Description
This report examines the Government's proposals for modernising the London Underground network by means of a Public Private Partnership (PPP). It considers the management arrangements for the PPP and the likely impact on the safety of the network; whether the proposals will offer better value for money than an alternative public sector controlled option; current and future funding issues; and the public subsidy requirements. The PPP deal proposed for the Underground is the most complex infrastructure PPP ever developed and key concerns highlighted in the report include: the likelihood that the PPP will lead to significant and expensive disputes over the contracts and between staff and employers; a number of key factors in the assessment of value for money are subjective and difficult or impossible to quantify; and little risk is likely to be transferred to the private sector, therefore undermining the rationale for the PPP. Overall, the Committee recommends that 1) the Government should not approve the PPP deal, and should develop an alternative strategy in conjunction with the Mayor and Transport for London; 2) whatever scheme is chosen, the Government should provide the same type of long-term funding commitment to the Underground as was envisaged under the PPP proposals.
Author: Great Britain. Parliament House of Commons. Transport, Local Government and the Regions Committee
Publisher:
ISBN: 9780215002211
Category :
Languages : en
Pages : 11
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Book Description
This report outlines the Committee's immediate main concerns regarding the future of London Underground and the proposed Public Private Partnership (PPP), following on from its previous report (HCP 387-I, 2001-02; ISBN: 0215001532) in which it highlighted a number of key problems with the PPP scheme and recommended an alternative strategy be sought. Subsequently, the Government has announced its intention to proceed with the PPP. The Committee questions the analysis upon which this decision has been taken, criticises the fact that no serious alternative to the PPP has been considered, and notes that it has cost £100 million to develop the PPP schemes. It recommends that MPs must be allowed a debate and vote on the future of London Underground and the decision to proceed with the PPP.
Author: Great Britain. National Audit Office
Publisher:
ISBN: 9780102928334
Category : Subways
Languages : en
Pages : 73
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Book Description
This report examines whether the PPP deals for running of the London Underground infrastructure are likely to be successful. The assessment was based around three questions: are performance outcomes likely to improve; are the key success factors in place for the partnership to work; are their any constraints.It concludes that so far performance against benchmarks has been mixed but there is potential to deliver improvements for customers; however it is not certain that the oversight mechanisms will enable London Underground to deliver the outcomes promised in the contracts.
Author: National Union of Rail, Maritime and Transport Workers
Publisher:
ISBN:
Category :
Languages : en
Pages : 1
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Book Description
Author: Stephen Glaister
Publisher: Institute for Public Policy Research
ISBN: 9781860301261
Category : Business & Economics
Languages : en
Pages : 56
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Book Description
Author: Jean Shaoul
Publisher:
ISBN:
Category :
Languages : en
Pages : 8
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Book Description
This article examines whether the Government's policy of Public-Private Partnerships (PPP) in the context of London Underground is likely to satisfy the financial criteria for approving a partnership proposal: value for money (VFM), including risk transfer, and affordability. After analysing the implications of the Underground's cost structure for the PPP, the author looks at the methodology for appraising the PPP. She concludes that the methodology cannot be relied upon to provide a sound decision-making tool for London Underground. She demonstrates that the London Underground project is not affordable, and questions the appropriateness of the partnership policy in the context of vital capital-intensive industries.
Author: Great Britain: Parliament: House of Commons: Transport Committee
Publisher: The Stationery Office
ISBN: 9780215545305
Category : Political Science
Languages : en
Pages : 90
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Book Description
Update on the London Underground and the public-private (PPP) partnership Agreements : Seventh report of session 2009-10, report, together with formal minutes, oral and written Evidence
