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  "documentTitle": "Rail industry cost and revenue sharing (2011)",
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  "notes": "The slide discusses the mechanism of Clause 18.1 and provides a quantitative rationale for a 25% exposure model.",
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      "text": "Giving TOCs partial exposure to changes in FTAC by only applying Clause 18.1 to a proportion of the change in FTAC (say 75%) could potentially achieve the same outcome.",
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      "text": "FOCs currently pay NR c.£50m p.a. in access charges. TOCs currently pay NR c.£800m p.a. in FTAC (c.15% of TOCs' total cost base), so a 25% exposure to these charges would equate to £200m p.a. (c.3.5% of TOCs' total cost base).",
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      "text": "By contrast, freight operators have full exposure to changes in access charges and this led to them actively engaging with the ORR during PR08 in order to help secure lower access charges.",
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      "text": "TOCs could be given a partial exposure to changes in FTAC charges (Option 5) in order to incentivise them to proactively engage with the ORR during periodic reviews",
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