407 ETR Rate Increase Helps Pay For More Lanes And Faster Trips
TORONTO, December 30, 2005
407 ETR announced today that light-vehicle tolls during peak hours will increase on February 1, 2006, by 1.3 cents per kilometre. This increase will help the company invest in more lanes so customers can continue to experience faster trips.
“Our customers want to avoid stop-and-go traffic and these changes will ensure 407 ETR keeps our customers moving,” said Enrique Díaz-Rato, President and Chief Executive Officer of 407 ETR. “We have added over 28 kilometres of new lanes in the past three years. By the end of next year, we will have added another 50 kilometres of new lanes between Highways 427 and 404.”
This year, 407 ETR commenced the largest lane widening project in the company’s history. Scheduled for completion by the end of 2006, the $90 million project will build 50 kilometres of new lanes between Highways 427 and 404. The project will use over 93,000 cubic metres of concrete and clock more than 210,000 hours of labour. While 407 ETR is obliged by its contract with the Province to widen the highway based on specific traffic volumes, these lane expansion projects were started before they were required.
The peak rate for light vehicles (cars, motorcycles and SUVs) will be 16.25 cents per kilometre. 407 ETR will continue to offer lower rates when the road is used during “off-peak”, non-rush hour periods. The off-peak rate for light vehicles will be 15.50 cents per kilometre.
Rates for heavy single unit vehicles (trucks) and heavy multiple unit vehicles (18-wheel trucks) will be 32.50 cents per kilometre and 48.75 cents per kilometre, respectively. Off-peak rates for heavy single and heavy multiple vehicles will be 31.00 cents per kilometre and 46.50 cents per kilometre, respectively.
407 ETR also announced that, starting February 1, 2006, it will remove the $10 Transponder Activation Fee to encourage even more customers to lease a transponder and save Video Toll Charges.
407 International Inc. is the sole shareholder of 407 ETR, the operator and manager of Highway 407, which extends 108 kilometres east-west, just north of Toronto. 407 International Inc. is owned by a consortium comprised of Cintra Concesiones de Infraestructuras de Transporte, Macquarie Infrastructure Group and SNC-Lavalin.
For more information, contact:
Dale A. Albers
Manager, Public Relations