1 / 26

Bill M. Halkias, PE, F.ASCE, F.ITE CEO, Attica Tollway Operations Authority

binah
Download Presentation

Bill M. Halkias, PE, F.ASCE, F.ITE CEO, Attica Tollway Operations Authority

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. WORKSHOP ON INVESTMENT, FINANCIAL AND TECHNOLOGICAL ISSUES OF MODEL HIGHWAY INITIATIVE (MHI) IMPLEMENTATION 6-8 March 2012, Thessaloniki, GreeceSESSION 3: PUBLIC-PRIVATE PARTNERSHIP IN CREATION OF MHI – TECHNOLOGICAL ASPECTS The development of Attica Tollway (Attiki Odos) in Athens, Greece: Is this a successful PPP example? Bill M. Halkias, PE, F.ASCE, F.ITE CEO, Attica Tollway Operations Authority President, Hellenic Institute of Transportation Engineers

  2. What is a PPP in road transport? • A cooperation between the public and private sectors for the financing, development and operation of road infrastructure. • PPP or PFI or BOT or BOOT • Hybrid PPP's • PPP’s combined with EU funding are termed “hybrid” PPP’s. • Usually EU Grants are part of the State’s Financial Contribution.

  3. Attributes for successful PPP’s • Strong partnerships through agreed common goals. • Adequate and sustained financing. • Effective organization and management. • Long term commitments of the Partners. • Timely development that incorporates results into the transportation infrastructure.

  4. TB OMC TB OMC: Operation and Maintenance Center TB: Technical Base

  5. The Project In numbers • 65 km Urban Toll Motorway • Fully Access Controlled • 3 lanes per direction • Link of 2 major National Roads • Link to 3 Ports (Piraeus, Rafina, Lavrio) • AADT(2009): 307.300 • AADT(2010): 281.329 • AADT(2011): 250.491 • Toll Stations/Toll Gates: 39/195

  6. Who is Who in Attiki Odos S.A.?When started: 14 small firms. Today: market leaders. PANTECHNIKI AKTOR CONCESSIONS 22 22

  7. Financing structure of Attica Tollway:A Typical Hybrid PPP • MCP Project Cost – 1,300 million Euros • Project Finance: • EIB Loan • Guaranteed by International and Greek Banks until final completion; then guaranteed by the State. • Commercial Loans • (Greek Banks) • Project Owner Contribution • Equity & Revenues • (Greek Contractors) • Standby Facility • (Greek & International Banks)

  8. Main Contracting Parties MINISTRY OF INFRASTRUCTURE TRANSPORT & NETWORKS Project Owner EYDE/LSEP (a Special Service) Project’s Owner Representative Concession Company Construction Joint Venture Operator

  9. Project History • The need was identified in the early 1960s • Issuing of Tender Documents 14/02/1992 • Tenders submitted(3 bids) 28/02/1995 • Concession awarded 23/05/1996 • Ratification of Contract 16/12/1996 • Full Financial Close 06/03/2000 • First Drawdown 04/08/2000 • Firstsectioninoperation 19/03/2001 • Completion of the project 24/06/2004

  10. Main Project Contracts ΕΙΒ Project Owner Greek State PO Commercial Banks Finance Documents Concession Contract Shareholders of S.A. Independent Engineer Shareholders’ Agreements I.E. Agreement Shareholders of A.D. Design – Build Contract Operation – Maintenance Contract Shareholders’ Agreements Attiki Odos JV AttikesDiadromes CJV Agreement Execution of works / Supplies Agreements ITTMS Consultancy Agreement Know – How Agreement Provision of Services Agreements Supplies Agreements Members Sub-contractors Suppliers IBI Group Sub-contractors Suppliers

  11. Issues faced during Project Development • Financial close took longer than expected. • Environmental design changed since tender documents were issued. • Risk allocation problems were not reflected in the concession contract. • Lack of legal framework in Greece created difficulties.

  12. Risk allocation problems • Mechanism for partial delivery of the project with partial release of Commercial Banks guarantees was missing. • In case of PO instructed variations, no mechanism for EoT was foreseen. • Financial security structure was missing. As a result the Commercial Banks could not participate in the project financing, unless the risk allocation was better balanced.

  13. Construction problems Construction problems occurred due to: Archaeology Expropriations Design variations for environmental reasons Relocation of public utilities

  14. Consequences • Delays • Impossibility of achieving deadlines • Impact on finalization of documents and starting of drawdowns • Concern of lenders

  15. The success story • Problems were solved through contract amendments. • Financial close was reached in 2000 and money drawdown started. • Construction completed within budget and on time for the 2004 Athens Olympic Games. • Support to Greek construction industry and competitiveness.

  16. Attica Tollway Operation: The Key elements • Excellent road safety records: one of the safest roads in Europe. • Incidents management plan and response. • Active traffic management. • Customer service policy and “customer” treatment of users.

  17. Annual Average Daily Transactions(March 2001-December 2011) avg.= 250.491 +34.0% +33.9% +34.5% +19.9% +25.6% +22.0% +38.6% +4.4%

  18. Anticipation versus reality • The traffic forecasts for Attica Tollway during the bid phase have been surpassed. • Actual annual average daily traffic is higher than the traffic levels initially foreseen. • Reality permitted Actual Toll Rates to be substantially lower than the contractual Upper Toll Rate. • Actual toll revenue in line with what was anticipated.

  19. Awards from International Organizations Global Road Achievement Award in Environmental Mitigation International Road Federation (IRF), Washington DC, USA 1stPrize Special Achievement in GIS Environmental Systems Research Institute (ESRI) San Diego, CA, USA Prize Décibeld’ OrConseilNational deBruit(CNB) Paris, France. 1stPrize European Road Safety Award International Road Federation (IRF) European Road Federation (ERF) Amsterdam, Netherlands

  20. Recognition of Excellence “Green Leader – Carbon footprint Assessment and Mitigation” Award Centre for Sustainability and Excellence (CSE), Athens, Greece 1st Back Office Award Hellenic Institute of Customer Service (EIEP), Athens, Greece Mega Ilios Award as the Top Brand in Greece Corporate Superbrands, Athens, Greece 1st Campaign Prize CEO & CSR Convention, Athens, Greece

  21. International recognition Toll Excellence Award in the Category of Administration International Bridge Tunnel Turnpike Association (IΒΤΤΑ) Chicago, IL, USA

  22. The success of Attica TollwayWhat do the users think? Very satisfied/ Satisfied April2011 99,0% 97,4% 95,4% 96,4% 63,5%

  23. User satisfaction regarding Attica Tollway Safety (%) Satisfaction level 2011:95,6%very satisfied/ satisfied (vs. 95,1% in 2010).

  24. User satisfaction regarding Customer Care (%) 97,6% of users are either very satisfied or satisfied (vs95,3% in 2010)

  25. Thank you! Contact: Bill M. Halkias, PE, F.ASCE, F.ITE CEO, Attica Tollway Operations Authority President, Hellenic Institute of Transportation Engineers Email: bhalkias@attikesdiadromes.gr

More Related