Budgetary constraints are forcing transport infrastructure authorities toraise private funds to finance the construction of new projects and the maintenance of the existing ones by using concession contracts. One of the key elements in correctly defining a concession approach is to establish an adequate risk-sharing mechanism among the stakeholders that take part inthe process. This paper shows the history of motorway concessions in Spain and analyses the main contribution of the new Spanish Concession Law, which prompted the Spanish Central and Regional Governments to tender many new motorway concession contracts (both toll and shadow-toll concessions). The paper delves into the main implications of the new risk-sharing approach in motorway concession contracts in Spain; particularly, the effects that the allocation of risks-such as traffic risk, construction risk, maintenance risk, and force-majoure risk-have on different stakeholders. For thecovering abstract see ITRD E139491.
Samenvatting