Clear accounts before the High Speed ​​rails

Portugal is preparing to invest billions of euros in the implementation of one of the most ambitious railway projects in its recent history: the high-speed line between Lisbon and Porto. In a country where major public works often end up becoming controversial projects, either due to financial overruns or inadequate use, it is urgent to carefully consider the fundamental assumptions of this investment. Among these assumptions, a critical and often overlooked factor stands out: rigorous and upfront transparency of the Infrastructure Usage Tariff (TUI) calculation model.

It is clear that an infrastructure of this nature involves significant financial commitments, with returns that are long over time and significant operational risks. However, these risks can and should be mitigated from the outset, through a clear and rigorous definition of what it will cost to use this infrastructure. It is not just a matter of establishing a price to be charged to future operators, it is a matter of assuring the Portuguese taxpayer that their money is being invested in a project whose economic and financial sustainability has been duly validated, analysed and explained to society.

Looking at similar international experiences, such as the Spanish or Italian ones, it becomes clear that the prior definition of the TUI is not a mere technical detail, but rather a central pillar of economic and competitive sustainability of high-speed rail.

In Spain, massive investment in AVE lines without prior and transparent pricing of user fees has led to a situation where revenues from users cover less than half of the total infrastructure costs, forcing the Spanish State to subsidise the difference year after year through the State Budget. The result, extensively documented by independent economic studies, shows that the lack of clarity in the pricing model compromises economic efficiency, overburdens taxpayers and puts the social acceptance of the project at risk.

In Italy, on the other hand, the success of liberalisation and the entry of new private operators was due precisely to the stability and transparency of railway tariffs in advance, which provided the confidence needed for private companies to invest more than two billion euros in the acquisition of rolling stock, without relying directly on public funds. The result was clear: a highly used network, competitive prices for passengers and a sustainable model that did not unduly penalise public finances.

For Portugal, these examples should serve as a fundamental lesson: it is unthinkable to ask a rail operator to invest hundreds of millions of euros in the purchase of high-speed trains without knowing exactly the future costs of using the rail infrastructure. No private investor will make strategic decisions and significant financial commitments without having a clear and stable perspective of its operational costs. Only a public company heavily leveraged by taxpayers' money, with public guarantees and risks transferred to the public coffers, could risk a substantial investment in rail fleet without knowing in advance the TUI model. This would represent an unacceptable step backwards in relation to Portugal's commitment to efficiency, fair competition and fiscal responsibility.

It is also important to highlight that the Government Programme itself expressly recognises the importance of accelerating the opening up to competition on lines that allow the simultaneous operation of several operators. In order for this policy to be implemented in a healthy and competitive manner, it is essential that new operators know in advance the amount of infrastructure usage fees and all other access conditions. Only then will there be real competition, solid private investment and a high-speed public rail service that meets the highest European standards of efficiency and sustainability.

Furthermore, transparency in calculations and pricing models is also a matter of democratic accountability. Portuguese taxpayers have a fundamental right to know, from the outset, what the burden of this infrastructure will be on public finances over the next 15, 20 or 50 years. They must be able to clearly understand what proportion of the cost will be borne directly by users and what proportion will eventually be transferred to taxes paid by everyone. Only in this way will it be possible to ensure an informed and serious public debate on the true implications of this monumental investment.

In short, it is urgent that the Portuguese State proceed with the definition, in a transparent and immediate manner, of the calculation model and the value of the TUI associated with the future Lisbon-Porto high-speed line. The clear definition of this tariff is not just a technical issue, it is a political gesture that ensures predictability for operators, financial sustainability for the infrastructure and democratic clarity for citizens. Without this decisive step, the high-speed project risks becoming yet another controversial and financially problematic public works project, which will compromise future generations and undermine the confidence of the Portuguese people in the country's major strategic decisions.

Portugal deserves, and needs, a high-speed railway built on solid rails, yes — but above all on clear and transparent accounts, capable of ensuring that this infrastructure effectively represents an advance in collective well-being and a sustainable investment in our common future.