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STREET LIGHTING & TRAFFIC SIGNALS PRIVATE FINANCE INITIATIVE

Explore how Private Finance Initiatives are revolutionizing street lighting and traffic signals, addressing asset conditions, maintenance backlogs, and funding shortages. Learn about the benefits and processes involved.

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STREET LIGHTING & TRAFFIC SIGNALS PRIVATE FINANCE INITIATIVE

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  1. STREET LIGHTING & TRAFFIC SIGNALS PRIVATE FINANCE INITIATIVE

  2. INFRASTRUCTURE • 16,500 Street lighting columns • 2,050 Traffic signal points • 1,500 Illuminated signs • 800 Illuminated bollards

  3. THE PROBLEM • Asset condition • Maintenance backlog • Perceptions of crime • Need for investment • Shortage of funding

  4. THE NEED

  5. OPTIONS CONSIDERED TYPES OF PROCUREMENT: • In-House provision • Traditional Term Maintenance • Joint Venture • Private Finance Initiative

  6. PRIVATE FINANCE INITIATIVE WHAT IS IT?

  7. PFI • Central Government Support (credits) • Public Private Partnership where capital intensive investment required • Transforms the Council from owner & operator to purchaser of a service • Use of private sector expertise & efficiencies

  8. PFI HOW DOES IT WORK?

  9. PFI • 25-year contract • 5-year Core Investment Period • Ongoing maintenance • Performance driven - Outputs • Transfer of risk to most appropriate party

  10. PFI WHAT WILL BE DIFFERENT?

  11. PFI • Large-scale upgrade of street lighting and traffic signals • Column positioning • Improved lighting levels • De-cluttering • Robust monitoring and maintenance regime • Improved streetscape

  12. Typical Residential Street – Prior to PFI Typical Residential Street – Post PFI EXPECTATIONS

  13. Devonshire Road Devonshire Road – Recent Scheme EXPECTATIONS

  14. PROCESS TO DATE

  15. PFI PROCUREMENT PROCESS • New Rules - Competitive Dialogue • Approx. 18-month process

  16. FINANCIAL INFORMATION • PFI Credit Award - £31.9 million • Total contract value - £141million • Annual cost - £2 million • Affordability gap - £450,000 pa • Income Generation - £200,000 pa

  17. THANK YOU! ANY QUESTIONS?

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