Surface Transportation Board February 2018 – Federal Register Recent Federal Regulation Documents
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Academy Bus, LLC and Franmar Leasing LLC-Purchase of Certain Assets of Daniel's Charters & Tours LLC
On January 23, 2018, Academy Bus LLC (Academy), a motor carrier of passengers; Franmar Leasing LLC (Franmar), a non-carrier; and Daniel's Charters & Tours LLC (Daniel's Charters), a motor carrier of passengers (collectively, Applicants) jointly filed an application for Academy and Franmar to acquire certain properties of Daniel's Charters. The Board is tentatively approving and authorizing the transaction, and, if no opposing comments are timely filed, this notice will be the final Board action. Persons wishing to oppose the application must follow Board rules.
Railroad Cost Recovery Procedures-Productivity Adjustment
In a decision served on February 8, 2018, the Board proposed to adopt 0.996 (-0.4% per year) as the measure of average (geometric mean) change in railroad productivity for the 2012-2016 (five-year) period. This represents an increase of 0.3% from the average for the 2011-2015 period. The Board's February 8, 2018 decision in this proceeding stated that comments may be filed addressing any perceived data and computational errors in the Board's calculation. It also stated that, if there were no further action taken by the Board, the proposed productivity adjustment would become effective on March 1, 2018.
Railroad Cost of Capital-2017
The Board is instituting a proceeding to determine the railroad industry's cost of capital for 2017. The decision solicits comments on the following issues: The railroads' 2017 current cost of debt capital; the railroads' 2017 current cost of preferred equity capital (if any); the railroads' 2017 cost of common equity capital; and the 2017 capital structure mix of the railroad industry on a market value basis. Comments should focus on the various cost of capital components listed above using the same methodology followed in Railroad Cost of Capital2016, EP 558 (Sub-No. 20) (STB served Aug. 7, 2017).
Railroad Cost Recovery Procedures-Productivity Adjustment
In a decision served on January 29, 2018, the Surface Transportation Board adopted as final its calculation of the productivity adjustment, with the linking factor for the year 2015, proposed in its September 29, 2017 decision in the same docket. See R.R. Cost Recovery ProceduresProductivity Adjustment, EP 290 (Sub-No. 4), slip op. at 4 (STB served Sept. 29, 2017). The productivity change for 2015, based on changes in input and output levels from 2014, is 0.939, which is a decrease of 7.8% from the rate of productivity growth in 2014 relative to 2013 (1.018). Incorporating the 2015 value with the values from 2011-2014 period produces a geometric average productivity growth of 0.994 for the five-year period 2011-2015, or -0.6% per year.
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