A154/A120 Highway Concession: ART Approves the Cash Adjustment Mechanism

Written by Gabrielle Reddé and Laurine Gynouves

Published in the Environment – Energy – Infrastructure journal by Lexis Nexis

In Opinion No. 2026-046 dated June 2, 2026, Transportation Regulatory Authority (ART) issued a favorable opinion on the draft concession contract for the highway link between Orléans and Dreux (A154 and A120). The ART particularly welcomes the first implementation, as part of a call for bids for a new highway concession in France, of the equalization mechanism it has been advocating since its second report on the general economics of concessions, issued in January 2023. It also issues an important recommendation regarding the financing of the toll-free national highway section included in the concession. This opinion marks a turning point in the ART’s doctrine on the duration of highway concessions and could serve as a guide for the upcoming reopening of competition for historic highway concessions, whose expiration dates range from 2031 to 2036. Read more