One of ORR's most important functions is to establish the revenues and associated financial framework required for the network operator, Network Rail, to operate, maintain and renew its infrastructure. This is carried out by means of a process called an access charges review, also sometimes called a periodic review.
The authority for carrying out an access charges review is in Schedule 7 of the franchised passenger track access agreements (approved by the ORR) and within the Station Access Agreements. The review process is set out in Schedule 4A of the Railways Act 1993.
In common with the regulators of other network operators (including those for gas, electricity, water and telecommunications), we would normally expect to carry out an access charges review once every five years.
However, we also have power to carry out access charges reviews more frequently, if certain conditions (specified clearly by ORR in the relevant access contracts) have been satisfied. These interim reviews generally cover specific aspects of the company’s revenues but can also be more general in nature if there has been a material change in circumstances and a compelling case can be made for such an interim review.