EDHECinfra Paper
Le coût du capital dans les concessions autoroutières en France – Pour une approche moderne de la réglementation des péages

Une nouvelle publication de recherche de l’EDHEC Infrastructure Institute dont les conclusions sont reprises dans leur intégralité par le rapport de Commission d’enquête du Sénat sur « le contrôle, la régulation et l’évolution des concessions autoroutières » publié le 18 Septembre 2020, met en lumière l’archaïsme de la réglementation des péages dans les concessions d’autoroutes en France, et appelle à ne pas attendre encore 20 ans pour remédier à une situation avant tout préjudiciable aux usagers.

Le rapport de Commission d’enquête du Sénat mais en avant des chiffres publiés par l’Autorité de Régulation des Transport (ART) le 31 Juillet 2020, selon lesquels le rendement global (à la fois historique et attendu) du capital des concessions autoroutières en France serait entre 6.4% et 7.8%. Si on ajuste ces chiffres pour prendre en compte le rendement de la dette sur les bilans des différents concessionnaires, on obtient un rendement moyen des fonds propres entre 27% et 35%. Cette belle performance financière à une contrepartie : la cherté des péages perçus sur les autoroutes concédées françaises.

EDHECinfra Publication
2020 (September)
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