Highway concessions are the principal model applied in the construction and manage- ment of highways in Italy. This system has ensured private capital and business management for the sector since the 1920s. Consequently, it is necessary for the development of this area. European law generally qualifies concessions in contractual terms. Therefore, they can be considered as similar to works and service contracts. However, substantial differences remain. In concessions, the business risk (traffic risk) is borne by the party managing the highway. It is also borne by the party managing the passive transport service. For this latter reason, the toll fee is regulated by an independent authority. Thus, an entity that is not one of the contracting parties can change an important part of the contract itself. This new regime, arisen from the «Genoa Decree», is controversial. In fact, it marks a comeback of the logic of economic and financial equilibrium, instead of the maximization of the return on the capital invested.
|Number of pages||26|
|Journal||RIVISTA TRIMESTRALE DI DIRITTO PUBBLICO|
|Publication status||Published - 2020|