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University of Southampton Research Repository Eprints Soton University of Southampton Research Repository ePrints Soton Copyright © and Moral Rights for this thesis are retained by the author and/or other copyright owners. A copy can be downloaded for personal non-commercial research or study, without prior permission or charge. This thesis cannot be reproduced or quoted extensively from without first obtaining permission in writing from the copyright holder/s. The content must not be changed in any way or sold commercially in any format or medium without the formal permission of the copyright holders. When referring to this work, full bibliographic details including the author, title, awarding institution and date of the thesis must be given e.g. AUTHOR (year of submission) "Full thesis title", University of Southampton, name of the University School or Department, PhD Thesis, pagination http://eprints.soton.ac.uk + UNIVERSITY OF SOUTHAMPTON Faculty of Engineering and the Environment School of Civil Engineering and the Environment A STUDY ON THE OPTIMAL PPP MODEL FOR TRANSPORT: The Case of Road and Rail in South Korea by BYUNGWOO GIL Thesis for the degree of Doctor of Philosophy April 2013 ABSTRACT In recent decades the Public Private Partnership (PPP) has been widely regarded as an innovative way to construct transport infrastructures and to improve the quality of service. As the number of PPP cases has increased, many countries have tried to standardise PPP models to minimise the costs of trial and error. South Korea, where 426 PPP projects have been undertaken since 1994, usually preferred the BTO (Build-Transfer-Operate) model for transport. In the BTO model, the private sector recoups its investment by charging end users directly and hence should bear the traffic demand risk. However, the Korean Government shared the demand risk through a minimum revenue guarantee to induce private sector involvement, and this led to many criticisms of the BTO model. Tariffs in the BTO case were much higher than those of public operators, but the Government still had to pay large amounts of guaranteed revenue. Thus, BTL (Build-Transfer-Lease), where the demand risk is on the public sector, has become an alternative model. The BTL is the “service sold to the public sector” model which is similar to the DBFO (Design-Build-Finance- Operate) in the UK. This thesis examines which of the BTO and the BTL PPP models is optimal to save governmental expenditure for transport infrastructures such as road and rail. Appropriate traffic demand risk sharing, which a particularly controversial issue in South Korea, is explored. These research objectives are examined through five case studies: the Incheon Airport Expressway and the Oksan-Ochang Expressway cases for road PPP; the Incheon Airport Railway, the Daegok-Sosa Railway and the Seoul Metro 9 cases for rail PPP. Through a detailed literature review and five case studies, the thesis shows that the optimal PPP model, which is measured by the VFM (Value for Money) assessment, needs to satisfy the interests of public sector, private sector, and end users. Based on these assessments and including these three viewpoints, it is concluded that the optimal PPP model for road can be the BTL where the public sector can save expenditure or reduce the level of tariff. Traffic demand risk for roads is relatively low, so the public sector does not have to transfer it to the private sector with high profit rate. In the case of rail, the limited revenue and high cost make a project difficult to be financially free standing by the BTO model. However, the BTO can be a better option in urban rail if traffic demand risk is shared appropriately. i ii Table of Contents ABSTRACT ........................................................................................................................... i TABLE OF CONTENTS ............................................................................................................ iii LIST OF FIGURES .................................................................................................................... ix LIST OF TABLES ..................................................................................................................... xi DECLARATION OF AUTHORSHIP ........................................................................................ xiii ACKNOWLEDGEMENTS ......................................................................................................... xv GLOSSARY ..................................................................................................................... xvii CHAPTER 1 INTRODUCTION ......................................................................................................... 1 1.1 BACKGROUND ................................................................................................................................... 1 1.2 RESEARCH OBJECTIVES ...................................................................................................................... 3 1.3 PREVIOUS STUDIES............................................................................................................................. 5 1.4 RESEARCH SCOPE .............................................................................................................................. 8 1.5 RESEARCH PROCEDURE ...................................................................................................................... 9 CHAPTER 2 THE PUBLIC PRIVATE PARTNERSHIP IN TRANSPORT ............................... 11 2.1 INTRODUCTION ............................................................................................................................... 11 2.2 THE CONCEPT OF THE PUBLIC PRIVATE PARTNERSHIP .................................................................... 12 2.2.1 Definition of the PPP ........................................................................................................ 12 2.2.2 Advantages and disadvantages of the PPP/PFI ....................................................... 17 2.3 THE MODELS OF THE PUBLIC PRIVATE PARTNERSHIP ....................................................................... 21 2.3.1 The PPP models in the World ......................................................................................... 21 2.3.2 Classification of the PPP models................................................................................... 26 2.4 THE PUBLIC PRIVATE PARTNERSHIP IN TRANSPORT ......................................................................... 28 2.4.1 The PPP projects for transport infrastructures ....................................................... 28 2.4.2 The PPP models for transport infrastructures ......................................................... 30 2.4.3 The appraisal for the PPP in transport ...................................................................... 32 2.5 CONCLUSION ................................................................................................................................... 34 CHAPTER 3 THE PUBLIC PRIVATE PARTNERSHIP IN TRANSPORT IN SOUTH KOREA 35 3.1 INTRODUCTION ............................................................................................................................... 35 3.2 TRANSPORT IN SOUTH KOREA ........................................................................................................ 36 3.2.1 Introduction to transport in South Korea .................................................................. 36 iii 3.2.2 Investment plan for the transport infrastructure in South Korea...................... 39 3.2.3 Prospect of the PPP in transport in South Korea ..................................................... 40 3.3 THE REGULATION OF THE PPP IN SOUTH KOREA ............................................................................ 41 3.3.1 History of the PPP in South Korea ................................................................................ 41 3.3.2 Regulation on PPP models ............................................................................................... 42 3.3.3 Regulation on the Minimum Revenue Guarantee ..................................................... 43 3.4 THE PPP MODELS IN SOUTH KOREA ................................................................................................ 45 3.4.1 The BTO model ................................................................................................................... 45 3.4.2 The BTL model .................................................................................................................... 48 3.4.3 Difference between the BTO and the BTL model ...................................................... 49 3.4.4 Advantage and disadvantage of the BTO and the BTL model ............................. 51 3.4.5 PPP projects by model in South Korea ........................................................................ 56 3.5 FINANCIAL AND ORGANISATIONAL SUPPORT FOR THE PPP .............................................................. 57 3.5.1 Financial support for the PPP in South Korea ........................................................... 57 3.5.2. Organisational support for the PPP in South Korea .............................................. 57 3.6 THE APPRAISAL FOR THE PPP IN TRANSPORT IN SOUTH KOREA ...................................................... 58 3.7 CONCLUSION ................................................................................................................................... 61 CHAPTER 4 RESEARCH METHODOLOGY
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