This paper describes the process that has followed the first Spanish toll motorway (A-8 Bilbao-Behobia) to revert to the Local Authority. For the first time in Spanish concession history, a Local Authority has to decide the future management of the motorway. As the road was completely repaid, it was decided to charge a low toll to the users of the road in order to make a third lane on the motorway and other improvements. The Local Authority decided that the project necessarily had to consider the non-budgetary financing and the direct management of the contract, and that is why it could not use the typical concession contract (indirect management). The main difference is that a Public Society, with the Regulator's role, has been set up between the government and the Private Agent. When the actual concession finishes (June 2003), the toll will be reduced approximately 50%. The reason to continue with the toll is not only to finance the third lane and other improvements, but also as a measure to regulate the intense traffic on that important Trans European corridor. The Private Operator is going to rehabilitate the existing road, but also has to maintain and operate the road for a period of ten years. This Private Operator has to collect the toll and transfer it to the Regulatory Agency, which afterwards will pay the Operator according to the vehicles-kilometre registered on the motorway. This system is being used nowadays, mostly in shadow tolls, but in this case it has been used in a normal toll motorway. It is not the aim of the Regulatory Agency to make any profit from the Commended Management of the road. One of the most important features of the project is the non-budgetary finance. Although the Government has not got to finance any part of the project, it can control it through the Regulatory Agency created with 100% Public capital. The contract between the Regulatory Agency and the Private Agent is based on maintenance of quality standards. For the covering abstract see ITRD E126595.
Abstract