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Clearwater last won the day on August 22 2017

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  1. I’ve been travelling regularly through Stratford since 2002. When I first started, you could get straight on a jubilee line train and get a seat. Now,you have to wait at least one train if you want a seat. Also, the direction of travel is now two way with almost as many arriving as leaving. David
  2. @Phil Parker that’s the point of regulation. The regulator specifies what *has* to be delivered but not the method. However, in price cap regulation, they protect the consumer from over charging. Take airports, Heathrow is regulated under a price cap regime. It’s full. When demand fell in aviation in 2008/2009, there was a net movement in traffic from the cheaper Gatwick to Heathrow. Gatwick numbers fell by c10% year on year, Heathrow barely fell. Stansted fell by even more than Gatwick. Clearly the owner of Heathrow could charge a higher price for their scarce capacity but is unable to do so due to the regulation. However, this does not prevent them thinking of new ways to try and outperform within a quinquennium. They keep that upside albeit it passes back to consumers in lower charges in the subsequent pricing review.
  3. Sorry Phil but under the way water is regulated and remunerated, that isn’t correct. Water companies earn a regulated rate of return on their asset base. If they invest in the base, eg build a new reservoir, that would be added to the asset base on which they can earn their regulated return. As such, one of the critiques of the rcv/rab model is that it over incentivises investment in capex at the expense of opex solutions leading to a more “totex” model of incentivising companies based on total expenditure.
  4. Sure but whilst you might hedge once you know your payment schedule, it strikes me that DJ did not have a handle on when he would be paying the cash to even contemplate buying a forward contract. As an aside, I doubt any bank would have taken DJ credit risk on that type of instrument. where I suspect the issue was for Dave, is that an optimistic 2014/ 2015 written business plan assumed rates stayed stable and he was unable to either reprice or absorb the impact of that rise in his cost base.
  5. Tony If you’ve not seen it, this picture may be of interest: https://transportsofdelight.smugmug.com/RAILWAYS/MIDLAND-GREAT-NORTHERN-JOINT-RAILWAY/MGNJR-MISCELLANY/i-DPnPg3v/M. Someone called Paul Johnson - interesting collection of photos. David
  6. The past is definitely another country which is what the train side of ANTB is all about.
  7. Tony On the bridge, how does the power get to the tracks? Kind regards David
  8. I’m afraid to say I don’t own a single DMU! Yes, there is a point where the ominous noises would put off even the most adventurous. David
  9. The last pic above, the Derby I think?, perhaps highlights an issue with diesels and dmus. It looks like there’s no driver - is there one at the other end? Unlike steam where a cab figure is always roughly in the right place, a driver in the cab at the opposite end from the direction of travel always looks particularly wrong. David
  10. since younger son was born, we’ve mostly holidayed in the UK. For some reason, the idea of a flight with a baby and a five year old did not appeal. We did go abroad in May and was in stark contrast to the simplicity of throwing everything in the car. Downside is the M5... PLus side is I can usually manipulate the journey to find somewhere with trains to break the journey! Our summer stay in Beer will allow for a trip to Taunton for the WSR... David
  11. I find auction outcomes on eBay for out of production kits quite variable. Sometimes you can pick up a real bargain; sometimes you see the price escalate way above where you’re prepared to pay. I have a list of what I want, a view on what I’m prepared to pay and searches set up to alert me when items come available. Where the seller has already sourced wheels and a motor/gearbox, you often get an overall better deal. Where I’ve missed out, I’ve often seen a second version of the same kit appear not long after. Also, if items are poorly described, then the competition is less fierce. On those occasions where I have a bit more spare time, conventional auctions seem to offer better prices. I suspect some ebay traders buy at those and reauction on eBay. It seems to be the same sellers coming up time and again. David
  12. A slightly damp day at Didcot. Day brightened up by seeing Clun Castle zip past on a steam special. Never seen a Castle at that speed before! An impressive sight. the two junior enthusiasts enjoyed it mind David
  13. There’s also a Brassmasters ex-Finney Aberdare. I have one somewhere in the “when I’m confident I have the skills” pile. They’re a wonderful prototype. David
  14. In isolation, that could easily be misleading. Rising percentage could be a function of falling sales and equally a function of the end of deep discounting to shift stock. It can also be influenced by how the stock is valued.
  15. When I get time, I’d like to understand how the H2 performance compares to H1. They lost money in H1 but how much has the rate slowed in H2 / have they actually turned a profit?
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