CPK Rolling Stock Pool: business plan agreement signed
The Centralny Port Komunikacyjny (CPK) rolling stock company will finance the purchase of trains and subsequently lease them out under long-term agreements for the operation of High-Speed Rail (HSR) lines. Similar solutions are successfully used in the United Kingdom, Germany, Scandinavia, and the Benelux countries. CPK has signed an agreement for the business plan of the so-called rolling stock pool.
CPK has entered into an agreement with EY, the company selected through a procurement process, to prepare a business plan and a private investor test for the CPK rolling stock company, which will provide trains to organisers and operators along with rolling stock management services. The contract with EY also includes an optional provision for the preparation of an investment memorandum for a potential capital partner.
The contractor will conduct an analysis of the European passenger rolling stock rental market and propose the best solutions for implementation in the CPK rolling stock company. EY is committed to providing expert knowledge on the functioning of ROSCOs (Rolling Stock Operating Companies) and carrying out detailed market analyses, including rental rates for passenger rolling stock and potential revenue streams. The scope of work also includes updating the financial model provided by CPK.
Selecting an advisor to prepare the business plan for the CPK rolling stock pool is a crucial step in the preparations for the future operation of CPK railway lines. The purchase of trains and the management of rolling stock are essential for servicing the planned High-Speed Rail (HSR) lines,
The high entry barrier for potential operators in purchasing HSR trains, combined with relatively low margins, meant there was no guarantee that operators would be ready to supply rolling stock by 2032. This led to the decision to establish a rolling stock pool.
The rolling stock purchases for the CPK-planned HSR lines will be conducted in a thoughtful and comprehensive manner, based on the identified needs of interested entities. Financing the purchase through the CPK rolling stock company reduces investment risks for organisers and operators, who will receive modern vehicles tailored to the required standards for servicing new railway lines in exchange for periodic leasing fees,
Preparatory actions already undertaken by CPK in 2024:
- Passenger needs functional analysis: Conducted with consulting firm Arthur D. Little, this study includes recommendations for three categories of rolling stock, based on European best practices and market research on Polish passenger preferences, as well as consultations with operators.
- Rolling stock maintenance model and location study for maintenance centre: Prepared with TÜV Rheinland, this report evaluates rolling stock maintenance experiences in the UK, Germany, and Spain and proposes a division of maintenance responsibilities between the manufacturer, the rolling stock company, and the operator. It also suggests potential locations for the maintenance centre.
- Consultations with domestic and international railway operators: These were aimed at optimising the functional and technical specifications of the planned HSR rolling stock for Poland’s rapidly developing railway market.
- Consultations with organisations representing people with special needs (PRM): Aimed at identifying barriers to train travel (e.g., for wheelchair users) and developing optimal solutions to remove these barriers.
- Legal and business analyses related to market liberalisation: In line with the EU’s Fourth Railway Package, which is set to open the passenger transport market.
CPK is also working on updating the train procurement schedule, including specifying the number of units required per year and aligning procurement plans with CPK’s railway construction schedule. The updated plan includes launching the HSR line between Warsaw, CPK, and Łódź in 2032, with extensions to Wrocław and Poznań by 2035.
“Preparations for the rolling stock pool must begin well in advance. Considering the time required for train production, followed by testing and regulatory approvals, at least six years are needed from the signing of the contract. Our goal is to ensure rolling stock is available for the new infrastructure; however, CPK itself will not act as an operator. Our procurement plans will be coordinated with those of other companies, including PKP Intercity,” said Piotr Rachwalski, CPK Board Member for Railway Investments.
Rolling stock pooling solutions have already proven successful in several developed railway markets, including the UK, Germany, Sweden, Norway, the Netherlands, Belgium, and Luxembourg.
Project value and funding
The estimated value of the rolling stock pool project by 2032 is PLN 8.7 billion. The CPK Multiannual Programme for 2024-2032, adopted by the Council of Ministers on 31 December 2024, anticipates that PLN 1.7 billion of this amount will come from bond issuance, with the remainder financed through commercial capital and debt funding.
CPK Rolling Stock categories
The CPK rolling stock company will acquire trains in three categories:
- InterCity HSR (maximum operating speed >300 km/h) – for inter-agglomeration connections.
- Aero Express (maximum operating speed: 200 km/h) – dual-system conventional rolling stock with interiors adapted for airport passengers, serving connections between Warsaw, Łódź, and CPK.
- InterRegio (maximum operating speed: 200 km/h) – dual-system conventional rolling stock for interregional connections, catering to interested regional authorities and their operators.
The average age of trains in Poland is over 30 years. Currently, PKP Intercity is the only operator in the Polish market with HSR rolling stock, comprising 20 Pendolino trains capable of reaching 250 km/h (subject to infrastructure adjustments).
In recent years, Poland has experienced a dynamic increase in passenger rail traffic (approximately 10% year-on-year growth in 2023 and 2024). This trend may accelerate further with EU regulations under the Fourth Railway Package, which liberalises the market. According to the Passenger Transport Model, the launch of Poland’s first HSR connections will trigger the “CPK effect,” leading to a continued surge in passenger numbers.
