Corporate Report for the year ended 30 June 2022
Introduction and overview
Business performance
Governance and risk
Directors’ report
Remuneration report
Financial statements
Sustainability supplement
Security holder information
Project updates
Greater Washington Area
Maryland Express Lanes—Phase 1
The Maryland Express Lanes Project—Phase 1 proposes to add high-occupancy toll (HOT) lanes to approximately 60 kilometres of highway linking Maryland’s inner Washington DC suburbs with Maryland’s northern suburbs. The proposal is intended to address some of the region’s worst congestion, extending the benefits of the Virginia Express Lanes to Maryland and Virginia motorists. The final step of the environmental review process (NEPA Record of Decision) remains under evaluation by federal and state parties, and we are currently working with Maryland Department of Transportation (MDOT) on an updated project timeline. The process to select D&C subcontrator(s) to continue to advance early development and design work is underway. The rebuild and expansion of the American Legion Bridge is expected to be completed within Phase 1 South, the first segment of the project to be delivered. Virginia and Maryland are currently progressing agreements for this Accord (see right). When complete, the project is expected to improve speeds for both the neighbouring general-purpose lanes and the new toll lanes. The lanes are expected to reduce delays by 13% during the morning peak and 38% in the afternoon peak. 1 A new bicycle/pedestrian crossing between Maryland and Virginia are also expected to form part of the project.
Capital Beltway Accord The proposed Capital Beltway Accord is expected to be a bi-state (Virginia and Maryland government) agreement to: • add two express lanes in each direction across the Potomac River • replace the ageing American Legion Bridge with upgraded general-purpose lanes. The rebuild and expansion of the American Legion Bridge expected to be completed within Maryland Express Lanes Project—Phase 1. Agreements between both state governments are in progress. The project team has engaged with our stakeholders early to understand their needs and has attended more than 30 stakeholder events in the area. They have joined eight local chambers of commerce and held 50 briefings with state and local elected officials. Community feedback will inform the design and solutions to minimise the construction impacts for road users, the local community and businesses, as well as the environment.
~96km/h average speed on HOT lanes in 2045 1
~24km/h faster travel on general-purpose lanes in 2045 1
USD12.6B economic boost— estimated through construction and project delivery 2
43,400 job-years 2,3
8 MOUs signed with local organisations 4
See how this project fits into our portfolio (pages 16 to 17 )
95/395 Express Lanes—enhancements
New and enhanced ramps to the 95 and 395 Express Lanes will give customers better access to the growing economic hubs along the Express Lanes corridor, offering improved travel choice and more reliable travel times. The Commonwealth of Virginia has approved the conversion of ramps at Seminary Road (395) and Opitz Boulevard (95), which will improve access to the 62.8-kilometre Express Lanes corridor.
The 395 Seminary Road Ramp Project involves converting an existing high occupancy vehicle (HOV) lane ramp onto the 395 Express Lanes into an express lane ramp. It is expected to be converted later this year. The 95 Express Lanes Opitz Boulevard Ramp Project will construct a new reversible ramp between the 95 Express Lanes and an expanded Opitz Boulevard bridge, servicing one of the fastest growing counties in Virginia. Construction of this USD70 million project is scheduled to begin first half of FY23. It is expected to open in 2024.
1 I-495 and I-270 Managed Lanes Study: Final Environmental Impact Statement 2 E conomic analysis by George Mason University, 2022 3 4 3,400 job-years of employment (one job lasting for one year) 4 M emorandums of Understanding (MOUs) to assist in developing training, education and workforce development programs and increase inclusion of disadvantaged businesses working on the project
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