Estimating minimum toll rates for road concessions

Abstract

Public private partnership (PPP) is a project delivery method which is used in many countries. The main advantage of this method compared with traditional method is in the allocation of private funds which are used for public goods. Under road PPP projects a commonly used mechanism for the repayment of the private investment is charging tolls to the facility users. Although the toll rate may be set by the government, there are certain constraints which the minimum toll rate has to meet. These constraints are mainly related to financial parameters such as project’s internal rate of return (IRR) and debt service coverage ratio (DSCR). In addition to these constraints, other project’s parameters such as construction cost, or level of government subsidies also have an impact on toll rates. The objective of this paper is to investigate the relationship between the level of toll rates and several project technical parameters.

Javno privatno partnerstvo (JPP) je metoda realizacije projekta koja se koristi u mnogim zemljama. Glavna prednost ove metode u poređenju sa tradicionalnom metodom je u korišćenju privatnih fondova za javne projekte. U slučaju JPP projekata za puteve, uobičajeni mehanizam servisiranja privatnih investicija je preko naplate putarine korisnicima puta. Iako visina putarine može biti određena od strane države, postoje određena ograničenja koje minimalna visina putarina mora da zadovolji. Ova ograničenja se uglavnom odnose na finansijske parametre kao što su interna stopa rentabiliteta projekta ili indeks servisiranja duga. I ostali projektni parametri kao što su cena izgradnje projekta ili nivo učešća države kroz subvencije takođe imaju uticaja na visinu putarine. Cilj ovog rada je da se istraže zavisnosti između visine putarine i nekoliko tehničkih parametara projekta.