The private equity owners of the rail line from London St Pancras to the Channel Tunnel have been told by the regulator to lower their charges for the next five years.
HS1 Ltd, owned by UK-based InfraRed Capital and Equitix Investment Management since 2017, had in November set out its spending plans in for the period starting in April this year.
But the Office of Rail and Road today told the company that it needs to cut its charges by 3.8% or £5 million per year for renewal of sections of rail and repairs and maintenance to stations, which include Stratford International, Ebbsfleet International and Ashford International.
While HS1 had disagreed with proposed reductions in charges set out by ORR last September, the rail watchdog carried out a detailed follow-up and ultimately decided the company's spending plans were not efficient.