ADIF is split in two: ADIF-Alta Velocidad is created

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1. On December 31, 2013, a new public entity called ADIF-Alta Velocidad is created. It takes over the construction and management of high-speed rail infrastructure, while ADIF keeps the rest of the rail network. The split does not increase public spending and protects workers' conditions.
2. Both entities will have their own independent assets. A ministerial order will decide which assets and liabilities go to ADIF-Alta Velocidad, and transfers of property are treated as free transfers valued according to the records of the Ministry of Public Works (Ministerio de Fomento).
3. ADIF and ADIF-Alta Velocidad must keep a valued inventory of all the land they own, included in their accounting records. If the purchase price is unknown, it is estimated using prices of similar land.
4. ADIF-Alta Velocidad must meet the financial sustainability principle: its sales revenue must cover its costs so it can be classified as a non-financial corporation. If there are deviations, investments are rescheduled. Its bond issues follow the Capital Companies Act, unless they go only to professional investors under foreign law, and it may supply electricity to the rail network.
5. The Rail Sector Act is amended to allow several state-level rail infrastructure managers and their contracting rules are updated. The 2014 operating and capital budgets of ADIF and ADIF-Alta Velocidad are approved, with a debt limit of 2,625,000 thousand euros for the new entity.
6. The Hydrocarbons Sector Act is amended to match the European directive on oil reserves: Spain must keep reserves equal to at least 61 days of average daily inland consumption or 90 days of average net imports, and the role of CORESCORES Corporación de Reservas Estratégicas de Productos Petrolíferos, the body that manages Spain's oil reserves. as central storage entity is defined. The State Treasury may also make term deposits, and sanctions for failing to report information are updated.

Who it affects

• ADIF employees: Those working on activities transferred to ADIF-Alta Velocidad join the new entity, keeping their collective agreement and worker representatives.
• Railway companies: They must deal with two independent infrastructure managers and can keep using reserved capacity until the new entity's first service timetable.
• Oil product operators: New duties to hold minimum security stocks and report to CORES, with penalties for non-compliance.
• ADIF and ADIF-Alta Velocidad: They must inventory their land, meet financial sustainability rules, and follow the new contracting and budget rules.

Words worth knowing

Escisión de rama de actividad

Splitting off part of a company or entity, with its assets, contracts and staff, to form a new one.

Entidad pública empresarial

A public body with its own legal personality and assets that operates like a company, though it belongs to the State.

Sostenibilidad financiera

That an entity's revenue is enough to cover its costs without relying on public aid.

CORES

Corporación de Reservas Estratégicas de Productos Petrolíferos, the body that manages Spain's oil reserves.

Cánones ferroviarios

Fees that railway companies pay to use tracks and stations.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries