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Access Arrangement Information Metro Trains Melbourne Pty Limited Access Arrangement Information 31 March 2011 Access Arrangement Information March 2011 Contents INTRODUCTION......................................................................................................3 1.1 Purpose of this Document ................................................................................................................3 1.2 About ConnexMetro.........................................................................................................................3 1.3 Description of the Network..............................................................................................................3 1.4 Relationship between Connex Metro and the State of Victoria .......................................................4 1.5 Victorian Rail Access Regime and this Access Arrangement..........................................................4 1.6 The Requirement for an Access Arrangement and Access Arrangement Information.....................5 1.7 Approval of ConnexMetro’s Access Arrangement ..........................................................................6 1.8 Interpretation....................................................................................................................................8 1.9 Contact Details.................................................................................................................................8 2 Key Features of the Access Arrangement ................................................................9 2.1 Background ......................................................................................................................................9 2.2 Scope of this Access Arrangement...................................................................................................9 2.3 Train Path Request Process and Protocol.........................................................................................9 2.4 Pricing Principles ...........................................................................................................................10 2.5 Variation of the Access Arrangement ............................................................................................11 3 SERVICES .............................................................................................................12 3.1 Freight Reference Services ............................................................................................................12 4 FORECAST REVENUE REQUIREMENT ..........................................................13 5 CAPITAL BASE....................................................................................................14 5.1 Opening Asset Values as at 1 July 2006 ........................................................................................14 6 FORECAST CAPITAL EXPENDITURE .............................................................15 7 FORECAST DEPRECIATION .............................................................................16 8 COST OF CAPITAL..............................................................................................17 8.1 Connex Metro Approach................................................................................................................17 8.2 Real Risk Free Rate .......................................................................................................................17 8.3 Capital Structure.............................................................................................................................17 8.4 Equity Beta.....................................................................................................................................17 8.5 Market Risk Premium ....................................................................................................................18 8.6 Value of Imputation Credits...........................................................................................................18 8.7 Debt Margin ...................................................................................................................................18 8.8 Real Pre-Tax Weighted Average Cost of Capital...........................................................................18 9 FORECAST OPERATIONS AND MAINTENANCE COSTS ............................20 9.1 Summary of Operations and Maintenance Costs ...........................................................................20 9.2 Operational Costs...........................................................................................................................20 9.3 Maintenance Costs .........................................................................................................................21 10 FORECAST REVENUE REQUIREMENT ........................................................27 10.1 Derivation of Forecast Revenue Requirement .............................................................................27 10.2 Smoothing of the Revenue Requirement for Reference Services ................................................27 Metro AAI_V1 1 Access Arrangement Information March 2011 11 REFERENCE TARIFFS ......................................................................................29 11.1 Derivation of Reference Tariffs ...................................................................................................29 11.2 Tariff Structure.............................................................................................................................29 12 Rail Movement Forecasts.....................................................................................30 Metro AAI_V1 2 Access Arrangement Information March 2011 INTRODUCTION 1.1 Purpose of this Document This document is the Access Arrangement Information in relation to the Metro Trains Melbourne Pty Limited (ABN 43 136 429 948) rail network and is submitted by Metro Trains Melbourne Pty Limited (“Metro”) to the Essential Services Commission of Victoria (the “Commission”) in accordance with sections 38W and 38X of the Rail Management Act 1996. The purpose of this document is to set out such information as is necessary to enable Operators to understand the derivation of the elements of the Access Arrangement and to form an opinion as to the compliance of the Access Arrangement with applicable legislation and Guidelines released by the Commission. 1.2 About Metro Metro is the company that bid and won the franchise to operate and maintain the Melbourne metropolitan train network. Metro commenced the franchise operation on 30 November 2009. Metro shareholders are: MTR Corporation Limited (Hong Kong) – 60% John Holland Melbourne Rail Franchise Pty Ltd - 20% UGL Rail Services Ltd – 20% Metro operates a vertically integrated above and below rail operation. It is the operator and track manager of the Melbourne metropolitan rail network and the associated passenger services. 1.3 Description of the Network The network covers fifteen (15) electrified main lines from Sandringham, Frankston, Cranbourne and Pakenham in the south east of Melbourne and travels in an arc that covers Glen Waverley, Alamein, Belgrave and Lilydale in the east, Hurstbridge and Epping in the north-east, Upfield and Broadmeadows in the north, Sydenham in the north-west and Werribee and Williamstown to the west. There is also a branch line between Newmarket and the Flemington Racecourse which operates for special events traffic, including the Royal Melbourne Show and the Spring Racing Carnival at Flemington. In addition to the electrified area, Metro also operates passenger services on the non electrified Frankston to Stony Point line. However, Metro is not responsible for certain track work on and around Southern Cross Station used by other operators such as V/Line Pty Ltd. Metro operates around 13,365 revenue services per week as well as around 1,539 planned empty train movements per week. There are 398 route kilometres and 802 main line track kilometres. Due to the radial design of the rail infrastructure emanating from Melbourne, it is necessary for freight services travelling from Eastern Victoria to Western or Northern Victoria, and visa versa, to pass through the network. All country freight services must operate over the network in order to reach the freight terminals in Melbourne. All country and interstate passenger services travelling to and from Melbourne must also utilise the Network. Metro has Access Agreements with all third parties that utilise its network. Metro AAI_V1 3 Access Arrangement Information March 2011 Metro has responsibility for the Master Timetable approved by the State Government, which schedules all metropolitan passenger services, and also has responsibility for approving train paths for all freight, country and interstate passenger services that require access to the network. This ensures that the network use is maximised to meet the priority of providing metropolitan and country passenger services and also freight services. The Master Timetable: • incorporates scheduled V/Line pathways set out in the existing Access Agreement with V/Line and these pathways cannot be changed without agreement with V/Line or the consent of the State; and • includes scheduled freight pathways set out under Access Agreements which cannot be changed without the agreement of freight operators. In addition to the various Access Agreements there are established protocols and operating procedures to effect these Access Agreements. 1.4 Relationship
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