HS1

HS1 Ltd has the 30-year concession to own, operate and maintain High Speed 1 (HS1), the UK’s only high-speed railway, and the stations along the route: St Pancras International, Stratford International, Ebbsfleet International and Ashford International. HS1 is the 109km rail line between St Pancras International in London and the Channel Tunnel and forms part of the international high-speed routes between London and Paris, London and Brussels and London and Amsterdam, and domestic routes between London and Kent. It is fully operational having competed construction in 2007. It is operated under a 30-year concession expiring in 2040.

Revenue is derived from a combination of regulated charges determined through a five yearly price control overseen by the Office of Rail and Road and commercial revenues generated from station retail and car parking. There is a material government underpin to the domestic train path revenue.

A dedicated subsidiary of state-owned Network Rail is contracted to operate and maintain the rail assets which include both the track and supporting systems and the stations.

The train companies currently operating on HS1 are Eurostar, which operates international train services to Europe and London & South Eastern Railway, which operates domestic services to Kent. Freight operators, East Midlands Railway and Govia Thameslink Railway are also serviced by HS1. Co shareholders are HICL (35%) and South Korea’s National Pension Service (30%).