Before even closing the file on the Egnatia Odos concession, the 35-year deal taken on by the joint venture between GEK TERNA and France’s Egis Projects with a one-time price of 1.5 billion euros, the HRADF is opening the book on a new tender for Attiki Odos.
Attica Odos is the most profitable in Greece, excluding any extensions as in the last seven years as today’s shareholders (ELLAKTOR and AVAX) have received in the form of dividends more than 700 million euros without including the hundreds of millions they receive for its maintenance.
Attiki Odos is one of the few roads globally with a concession contract where the return (IRR) is calculated on its profits, ie an amount you can determine as you want by adding costs. In all other Greek roads with a concession contract, the return on investment is calculated based on income. In addition, the maintenance cost in the first years of the concession had reached up to two million per kilometer, then dropped to 1.5 million and is now closer to 500,000 euros per kilometer.
The new contract will not contain such terms but the equation for the HRADF is difficult since it must consider, with consultants, if, for e.g. new contract will include road extensions. Such a development is not welcomed by the Ministry of Infrastructure, which wants to split the extensions into separate projects. It has already announced that the extension of Kymi Avenue to the Kalyftakis junction of the national road will proceed as a public project, a project that is necessary to decongest the Metamorphosis junction.
Some have proposed the extension of Attiki Odos, with one traffic lane in each direction in the section from Kifissias to the Metamorfosi junction in order to reduce the current traffic congestion. Will there be such a provision in the new contract?
The current concession contract of Attiki Odos expires in October 2024 but the new tender must start much earlier as it will not be an easy task given the strong competition.
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