Wednesday, December 7

Catalonia recovers public management of the C-25 motorway and expects to save 46 million a year

Catalonia has recovered the public management of the C-25 motorway, better known as Eix Transversal, one of the roads under the “shadow toll” regime, that is, the public administration pays the concessionaire for each driver who uses it . The Generalitat has decided to terminate the contract with Cedinsa, the company that managed it, making use of one of the clauses of the contract and paying it 479 million euros. This is the motorway under concession for which the Catalan administration paid the most money per year.

The Department of Economy calculates that they will obtain a net saving of 781 million euros until 2040, that is, 46 million per year for the next 17 years. These calculations take into account all the payments to be made and the cost of the management and maintenance of the road, which are estimated at 15.5 million annually, which from January 1, 2023 will fall on the Department of Territory. However, there will be savings since the prices agreed with the concessionaire allowed this route to give significant benefits.

The contract with Cedinsa, majority owned by a French fund, was signed in 2007 and provided for a possible early resolution in 2017, 2022 and 2027, thanks to which the Catalan Executive has now been able to anticipate the return to public hands. Despite the fact that at first the possibility of using state funds from the Autonomous Liquidity Fund (FLA) had been considered, finally the Ministry has chosen to use remnants of the Generalitat, a formula better seen by the credit rating agencies .

From the Government they assure that it is “the financial operation with the greatest impact on finances” carried out by the Generalitat in the last decade and they consider that, at an accounting level, it is a round operation, since three quarters of the amount paid is imputed as debt reduction and the rest as investment.

What is expected now is that litigation will be opened that could take time, since the concessionaire has filed up to three demands for precautionary measures, which have so far been resolved in favor of the Generalitat. All in all, it seems clear that Cedinsa wants to take up the legal battle, which he could resume in the coming days. The company also understands that the operation is actually a rescue and that the management of the infrastructure by the Government would imply “practically zero savings”.