Rail privatization in Britain has led to a division of responsibility for investment between Railtrack (infrastructure) and rolling stock leasing companies and operators (rolling stock). However, public bodies — the Office of Passenger Rail Franchising (OPRAF) and the Office of the Rail Regulator (ORR) — still have a considerable influence. This paper describes the new system and offers a critical analysis of the way it is working, with particular reference to the approach to appraisal put forward by OPRAF in its recent appraisal guide.
Investment planning and appraisal issues in the privatized railway — the British experience
Transport Reviews ; 18 , 4 ; 353-362
01.10.1998
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