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1999-07-29 ORR-001
Office of the Rail Regulator

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Rail Regulator appoints Chief Economist


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Office of the Rail Regulator

Rail Regulator appoints Chief Economist
_______________________________________________________________


date
27 July 1999
source Office of the Rail Regulator
type Press release

note ORR/99/29


Tom Winsor, the Rail Regulator, today welcomed Paul Plummer to the post of Chief Economist and Director of Economics and Finance at the Office of the Rail Regulator. Paul Plummer was previously an Assistant Director at N.M. Rothschild & Sons where he advised on utility regulation, privatisation, strategy, and mergers and acquisitions in the UK and overseas.

Commenting on this new appointment, Tom Winsor said: " I am delighted that we have recruited Paul Plummer for this senior appointment. He will lead the new team responsible for the periodic review of Railtrack's charges, which is the main priority for the next year. Our ability to redefine the level and structure of charges and incentives will be greatly strengthened by this appointment. This appointment is to the ORR Board and Paul will be making a major contribution in all areas of the Office's policies and affairs."

Before joining N.M. Rothschild & Sons in 1997, Paul Plummer spent nine years at National Economic Research Associates (NERA), where he advised governments, regulators and utilities on privatisation, restructuring, regulation and corporate strategy.

Commenting on his appointment, Paul Plummer said today:" I am looking forward to working with Tom Winsor and his new team. This is an exciting time for the rail industry and it will be a great challenge for us to develop a framework which protects the interest of rail users and creates appropriate incentives for Railtrack to deliver increased investment and improved performance."

Paul Plummer has degrees in economics from the Universities of Exeter and York. His experience at both NERA and N. M. Rothschild & Sons is directly relevant to the periodic review. In particular, he has in-depth experience in designing the initial price controls for privatised companies and has been involved in most of the major periodic reviews of other UK utilities.

His corporate finance experience will also be crucial given the need for Railtrack to finance a major programme of capital investment over the next few years.

Paul is married, with three children, and commutes by train from his Bedfordshire home.



Notes to Editors:

1. A periodic review is the process under which a privatised regulated company - usually a monopoly - has its prices set by its industry-specific regulator.

2. The periodic review of Railtrack's access charges is underway, and will be completed in July 2000. The new price controls will come into effect on 1 April 2001.

3. Railtrack and other railway industry interests have been pressing the Regulator to improve the system of financial incentives on Railtrack, and to make a higher proportion of its revenues variable rather than fixed.

4. ORR has so far published three consultation documents in the course of the current periodic review. They were in December 1997, July 1998 and December 1998.


PRESS ENQUIRIES : ORR PRESS OFFICE - 0171 282 2002/2007/2059
Out of Office Hours - Pager 07659 127303


Railhub Archive ::: 1999-07-29 ORR-001





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