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Trenitalia wants to compete with Eurostar on Paris-London route / Photo: © AFP/File
NYSE - LSE
Trenitalia wants to compete with Eurostar on Paris-London route
Trenitalia said Tuesday it plans to launch a new high-speed rail service connecting London and Paris, as the days of Eurostar's three-decade monopoly on the line look increasingly numbered.
The announcement by the Italian railway operator follows statements by Richard Branson's Virgin Group last month that it hopes to begin offering high-speed rail services on the route in 2029.
Trenitalia said Tuesday it plans to invest one billion euros ($1.1 billion) to launch its Paris-London service, also by 2029.
Stefano Antonio Donnarumma, head of the FS Group that includes Trenitalia, said the project is part of the company's strategic plan to be a key player in a competitive and sustainable European rail network.
"High-speed rail networks are the backbone of efficient and environmentally friendly mobility, and by expanding our presence on key corridors, we are not just investing in infrastructure and innovation, but also in the future of European transport," Donnarumma said in a statement.
"More competition will help to create a more efficient and customer-oriented industry, offering a real alternative to air travel," he added.
Trenitalia already operates routes in both France and Britain and the company said this provides "an important competitive advantage to enter this strategic corridor", referring to the Paris-London route.
The announcement comes a week after Britain's Office of Rail and Road (ORR) opened access to a maintenance depot along the high-speed Paris-London route to other firms, removing a hurdle to competitors offering services.
Dutch operator Heuro and Spain's Evolyn have also expressed interest in competing on the Paris-London route against Eurostar, which is often criticised for its high ticket prices.
Trenitalia said it had recently signed a cooperation agreement with Evolyn but did not provide details.
Germany's Deutsche Bahn ran one of its ICE high-speed trains through the Channel tunnel in 2013 but its plans to launch services in 2016 never reached fruition.
M.Powell--SFF
