JG in Grand Journal of Economics to RADIO CLASSIC - November 8, 2010 - 7 h 45
http://www.radioclassique.fr/votre-radio-classique/podcasts-et-archives-audio.html
NP: The CEO of Eurotunnel is in line with us from London this morning, Jacques Gounon Hello
JG: Hello
NP: Thank you for standing soon-crack of pussy to answer our questions. At first this large contract lost last weekend. I recall he wore on the management, operation of a section of high speed railway line between London and Folkestone, is at the entry side of TSM UK. That's 2 Canadian, 2 funds that ultimately won the auction by putting € 2.4 billion on the table. It's a disappointment for you?
JG: A disappointment, yes. But ultimately, given the price at which financiers have invested on the rails between the TSM and London, a great satisfaction because it means that our business infrastructure managers have great value, they attract large investors. I recall that the action Eurotunnel outperform the CA 40 of about 10% since the beginning of the year.
We see that in these times of uncertainty, there is a mass mobilization to infrastructure.
For us it was an opportunity. We had always said that the did not want to overpay, as we would with other major infrastructure professionals, it had established limits. There are financiers who have put more money on the table. Okay! It does not mean that the business of Eurotunnel, the Channel Tunnel is an amazing tool.
NP: They say it implies that the affair between Alstom and Siemens, and very violent protest of the contract awarded by Eurostar, 600 M €, played between against you?
JG: ah I do not know because there is one on areas that are very subjective. Sure
Eurostar, he must know, is now owned by the British state to 45%. The fact that there is a large French manufacturer finally attacking the British government that sold the high-speed, does it have played?
In any case, we Eurotunnel, it will not be a sore loser. People have invested more than us, that's fine. And I hope that the dispute between Alstom and Eurostar, which absolutely does not concern us, but really not at all, may also result is satisfactory to all parties.
NP: Yes, unless you are clearly in favor of passage of the tunnel in German TGV, TGV designed by Siemens?
JG: So, beyond being favorable, we are obliged, and there are EU directives which are binding on us as manager of infrastructure. We are obliged to pass all those who want to spend.
We can not - I take a picture a little excessive, caricatured it's as if the highway south of refusing any other trucks as trucks French Renault and Peugeot if there was-It was no sense. So we
offer the way to all those who want it. We actually want to do in complete safety. We experimented with quite convincing German ICE trains of Deutsche Bahn. There. The technical conditions are met for a new operator can return. Beyond this, after this is a political decision that belongs to the States.
NP: But finally, Jacques Gounon, Alstom you take part indirectly by questioning the safety of German trains which pass through the tunnel?
JG: So, I am a former Alstom, so I still have great affection for this big business and yes I wish it continues to grow and prosper. By cons, it's true, it recognizes - I was going to say - the facts absolutely factual: in this case, the tunnel's safety is not at issue; trains we are talking about so-called motor distributed, to my knowledge, even those of Alstom also pass through the Tunnel Lötschberg in Switzerland is 35 km under the Alps.
So we see that this is not a problem of trains or the tunnel is a political problem: the choice by 55% subsidiary of SNCF French Eurostar a builder who is not French.
The problem is not technical, the problem is not safety in the tunnel - it's a problem we are extremely careful - the problem is political. So it is beyond us.
NP: Alstom is a little bad when finally in this story?
JG: Ah! Listen, ask them the question
NP: You also rail freight, Jacques Gounon, via the Channel traffic. This activity was affected by the recent blockades in France or not?
JG: Yes. So in general, rail freight is not a priority for network managers in France. It was already normal times, very difficult to move, then there actually, it was a nightmare. We finally lost a lot of money as all operators. Some very determined individuals can block a switching station in an unknown location, media-which is not visible, but that creates considerable disturbance.
But beyond that, I'd say it's the clients who use the rail freight are penalized because they need regularity they need quality of service we offer them in ordinary times. There, everything was disrupted. Others were. Fortunately, all these problems are, hopefully, behind us.
NP: Generally, traffic is still low for the Channel, I think we're at 1.3 million tonnes per year against 10 million in the initial project design
JG: Yes. The project was 20 years ago, ambitious and I would say that the rail transport mode was a green fashion, at a time when there was no talk yet of ecology.
Obviously, it is very difficult for operators to cross national borders, so we have a very powerful tool. We have a rail freight activity in Great Britain that works very well, which makes money it deserves to be emphasized -
So we will try, with our British and French settlements, finally realize that the fathers founders had hoped the tunnel: the tunnel is widely used for green transportation.
NP: Because today, you get royalties for anything that happens in the tunnel, but you also shuttle
JG: So 1 / 3 of the activity comes from the passing trains, which are now mostly passenger trains, two thirds comes from our own shuttle activity, ie ie cars and trucks that ride on these buses, the famous shuttle crossing the Channel in 35 minutes with an extremely high frequency, leaving every 10 minutes.
To give you numbers, orders of magnitude: 2 million cars per year, 1 million trucks that move them from crossing the English Channel without any pollution.
is an extremely powerful tool. Since the beginning of the commissioning of the tunnel: 250 million passengers, 150 million tons of goods crossed the Channel by the TSM. This is an absolutely fabulous!
NP: Last question, Jacques Gounon: 2010 key gently to a close, is that Eurotunnel will profit despite all these little problems: deadlocks and also the payment of insurance related to the blocking this time in September 2008 of the tunnel due to a fire?
JG: So I said very clearly that this year we could not be beneficiaries, because in fact essentially offset the payment of our insurance payments.
It's like someone who would wait for a recipe that does not happen, but I think a sustainable and Eurotunnel TSM is a society in which we can trust and I come back ja your first question: when we see that financiers, pure financial, put € 2.4 billion in 100 km high speed railway between London and the TSM is that the tunnel is a unique item! Yes, that, it gives confidence in the future.
NP: And here the circle is complete. Thank you Jacques Gounon, called Grand Journal of Economics this morning on Radio Classique.
NP: The CEO of Eurotunnel is in line with us from London this morning, Jacques Gounon Hello
JG: Hello
NP: Thank you for standing soon-crack of pussy to answer our questions. At first this large contract lost last weekend. I recall he wore on the management, operation of a section of high speed railway line between London and Folkestone, is at the entry side of TSM UK. That's 2 Canadian, 2 funds that ultimately won the auction by putting € 2.4 billion on the table. It's a disappointment for you?
JG: A disappointment, yes. But ultimately, given the price at which financiers have invested on the rails between the TSM and London, a great satisfaction because it means that our business infrastructure managers have great value, they attract large investors. I recall that the action Eurotunnel outperform the CA 40 of about 10% since the beginning of the year.
We see that in these times of uncertainty, there is a mass mobilization to infrastructure.
For us it was an opportunity. We had always said that the did not want to overpay, as we would with other major infrastructure professionals, it had established limits. There are financiers who have put more money on the table. Okay! It does not mean that the business of Eurotunnel, the Channel Tunnel is an amazing tool.
NP: They say it implies that the affair between Alstom and Siemens, and very violent protest of the contract awarded by Eurostar, 600 M €, played between against you?
JG: ah I do not know because there is one on areas that are very subjective. Sure
Eurostar, he must know, is now owned by the British state to 45%. The fact that there is a large French manufacturer finally attacking the British government that sold the high-speed, does it have played?
In any case, we Eurotunnel, it will not be a sore loser. People have invested more than us, that's fine. And I hope that the dispute between Alstom and Eurostar, which absolutely does not concern us, but really not at all, may also result is satisfactory to all parties.
NP: Yes, unless you are clearly in favor of passage of the tunnel in German TGV, TGV designed by Siemens?
JG: So, beyond being favorable, we are obliged, and there are EU directives which are binding on us as manager of infrastructure. We are obliged to pass all those who want to spend.
We can not - I take a picture a little excessive, caricatured it's as if the highway south of refusing any other trucks as trucks French Renault and Peugeot if there was-It was no sense. So we
offer the way to all those who want it. We actually want to do in complete safety. We experimented with quite convincing German ICE trains of Deutsche Bahn. There. The technical conditions are met for a new operator can return. Beyond this, after this is a political decision that belongs to the States.
NP: But finally, Jacques Gounon, Alstom you take part indirectly by questioning the safety of German trains which pass through the tunnel?
JG: So, I am a former Alstom, so I still have great affection for this big business and yes I wish it continues to grow and prosper. By cons, it's true, it recognizes - I was going to say - the facts absolutely factual: in this case, the tunnel's safety is not at issue; trains we are talking about so-called motor distributed, to my knowledge, even those of Alstom also pass through the Tunnel Lötschberg in Switzerland is 35 km under the Alps.
So we see that this is not a problem of trains or the tunnel is a political problem: the choice by 55% subsidiary of SNCF French Eurostar a builder who is not French.
The problem is not technical, the problem is not safety in the tunnel - it's a problem we are extremely careful - the problem is political. So it is beyond us.
NP: Alstom is a little bad when finally in this story?
JG: Ah! Listen, ask them the question
NP: You also rail freight, Jacques Gounon, via the Channel traffic. This activity was affected by the recent blockades in France or not?
JG: Yes. So in general, rail freight is not a priority for network managers in France. It was already normal times, very difficult to move, then there actually, it was a nightmare. We finally lost a lot of money as all operators. Some very determined individuals can block a switching station in an unknown location, media-which is not visible, but that creates considerable disturbance.
But beyond that, I'd say it's the clients who use the rail freight are penalized because they need regularity they need quality of service we offer them in ordinary times. There, everything was disrupted. Others were. Fortunately, all these problems are, hopefully, behind us.
NP: Generally, traffic is still low for the Channel, I think we're at 1.3 million tonnes per year against 10 million in the initial project design
JG: Yes. The project was 20 years ago, ambitious and I would say that the rail transport mode was a green fashion, at a time when there was no talk yet of ecology.
Obviously, it is very difficult for operators to cross national borders, so we have a very powerful tool. We have a rail freight activity in Great Britain that works very well, which makes money it deserves to be emphasized -
So we will try, with our British and French settlements, finally realize that the fathers founders had hoped the tunnel: the tunnel is widely used for green transportation.
NP: Because today, you get royalties for anything that happens in the tunnel, but you also shuttle
JG: So 1 / 3 of the activity comes from the passing trains, which are now mostly passenger trains, two thirds comes from our own shuttle activity, ie ie cars and trucks that ride on these buses, the famous shuttle crossing the Channel in 35 minutes with an extremely high frequency, leaving every 10 minutes.
To give you numbers, orders of magnitude: 2 million cars per year, 1 million trucks that move them from crossing the English Channel without any pollution.
is an extremely powerful tool. Since the beginning of the commissioning of the tunnel: 250 million passengers, 150 million tons of goods crossed the Channel by the TSM. This is an absolutely fabulous!
NP: Last question, Jacques Gounon: 2010 key gently to a close, is that Eurotunnel will profit despite all these little problems: deadlocks and also the payment of insurance related to the blocking this time in September 2008 of the tunnel due to a fire?
JG: So I said very clearly that this year we could not be beneficiaries, because in fact essentially offset the payment of our insurance payments.
It's like someone who would wait for a recipe that does not happen, but I think a sustainable and Eurotunnel TSM is a society in which we can trust and I come back ja your first question: when we see that financiers, pure financial, put € 2.4 billion in 100 km high speed railway between London and the TSM is that the tunnel is a unique item! Yes, that, it gives confidence in the future.
NP: And here the circle is complete. Thank you Jacques Gounon, called Grand Journal of Economics this morning on Radio Classique.
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