Bruno Le Maire wants shorter concessions

by time news

Is the state being too generous with motorway companies? This is the opinion of the Minister of the Economy Bruno Le Maire, who was heard this Wednesday, March 22, by the deputies of the finance and sustainable development committees of the National Assembly.

It must be said that a confidential report, which had been submitted to him in February 2021 by the General Inspectorate of Finance and whose conclusions were leaked in The chained Duck at the end of January, highlights the spectacular profitability of several concession companies.

12.5% ​​profitability for Eiffage shareholders

In 2022, despite a drop in traffic linked to the pandemic, some of them saw their profits soar, while prices continued to rise. In reality, it is above all the remuneration of shareholders that poses a problem, believes Bruno Le Maire.

At the time of the privatization in 2006, the profitability calculations for the shareholders “have not been good”, recognizes the boss of Bercy. They were thus belied by the level of interest rates (extremely low for several years, editor’s note) that we did not anticipate. We underestimated the financial benefit to society”. Initially set at 7.7%, the rate of return for shareholders jumped in 2022 to 11.8% for Escota and 12.5% ​​for Eiffage.

90% of the concession network will soon be reallocated

Also, as recommended by the authors of the report that Bercy will finally make public shortly, Bruno Le Maire has asked the Council of State to study the possibility of relying on these figures to obtain a shortening “a few years” of certain current concessions. This initiative comes as seven concessions, representing more than 90% of the conceded network, come to an end between 2031 and 2036.

As urged by the Transport Regulatory Authority, the government seems to want to break with the practice of extending concessions in exchange for new investment. Bruno Le Maire also hopes that, in future contracts, the State retains the possibility of“adjust prices according to the evolution” profitability for shareholders.

A tax on highways to finance the ecological transition?

At his side, the Minister Delegate for Transport Clément Beaune recalls the commitment torn recently from the concession companies: that of moderating their prices for subscribers and drivers of electric vehicles.

As Prime Minister Élisabeth Borne did in February, Clément Beaune also evokes the possible contribution of concessionary companies to finance the future plan for transport, with a component of 100 billion euros by 2040 in favor of rail. “It would be fair, it is fair that the motorway companies whose financial situation is known to be good could contribute”, he believes. Here again, the lawyers of the Council of State have the task of studying possible tax changes.

LFI and RN in favor of nationalizing motorways

However, the two ministers do not question the principle of concession. “All motorway users know perfectly well that the motorways under private concession are in much better condition than the sections of motorways still managed by the State”, argues Bruno Le Maire.

For a long time, La France insoumise and the National Rally have been calling for the nationalization of the highways. It would be, according to the Minister of the Economy, “a decision of the past” et “a double error”. A financial error, “because there are enough private investors”and an ecological error, “because the state must invest in the decarbonization of our economy” et “certainly not in means of transport using fossil fuels”.

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