New rates take effect on Feb. 1,
2024
TORONTO, Dec. 29,
2023 /CNW/ - Today, 407 ETR signalled the end of a
four-year rate freeze by announcing a new rate schedule that comes
into effect on Feb. 1, 2024. All
other fees remain unchanged.
407 ETR's rate schedule is updated annually, however tolls were
frozen at February 2020 levels at the
onset of the COVID-19 pandemic. Implementing the 2024 rate schedule
comes as traffic levels continue to stabilize with more drivers
resuming regular activities like commuting to and from work.
Highway 407 ETR plays a vital role in supporting Ontario's economy, offering drivers a safe and
stress-free commute. Local businesses depend on Highway 407 ETR as
a reliable route to transport goods and deliver services.
"407 ETR remains committed to providing the exceptional service
we're known for both on and off the road," said 407 ETR President
and CEO, Javier Tamargo. "Since
1999, traffic on the highway has grown by over 70 per cent.
Ontarians continue to recognize the value of a safe, fast and
reliable commute."
407 ETR's new rate schedule for light vehicles reflects an
increase of one to 11 cents per
kilometre depending on the time of day and zone travelled. The
majority of 407 ETR's personal customers can expect a monthly bill
increase of less than $5. The Company
continues to invest in the operation of the highway including
ongoing maintenance, 24/7 highway monitoring, roadside assistance,
winter operations and policing and enforcement.
Since taking ownership of the Highway in 1999, the Company has
almost doubled the length of Highway 407 ETR, increasing it
from 68 kilometres to 108 kilometres. During this period, 407 ETR
has invested over $1.6 billion in
private funds toward highway extensions, expansions and customer
service.
Fast Facts:
- 407 ETR is majority Canadian-owned and a proud employer of over
500 Ontarians, including an award-winning Woodbridge-based contact centre that
frequently achieves over 90% customer satisfaction.
- There are currently 1.7 million transponders in circulation.
Leasing a transponder annually is a great way to manage monthly
bills. Drivers save on camera charges and account fees. After three
round trips, it pays for itself.
- 407 ETR benchmarks its toll rates against 28 other publicly and
privately-operated toll roads and managed lanes across North America. When you compare peak toll
charges, 407 ETR sits in the bottom half of its peers, behind
Chicago, Dallas, Los
Angeles and Miami.
- A 2022 report found that Highway 407 ETR has provided a
total of $20.6 billion in
socio-economic benefits from 1999 to 2021. This includes user
benefits such as improved travel time, reliability, safety and
reduced vehicle operating costs and emissions.
- The Company continues to work towards its target of a 25 per
cent reduction in Scope 1 and Scope 2 greenhouse gas emissions by
2030. Learn more about the Company's environmental, social and
governance (ESG) initiatives at 407etr.com/ESGreporting.
- The Company is driven to make life better on and off the
highway and is focused on investing to strengthen communities,
deliver social impact and preserve nature. In 2023, 407 ETR
invested $1.7 million through
sponsorships, donations and free travel. Learn more at
407etr.com/community.
Toll rates on Highway 407 ETR vary by the section of the highway
driven, day of the week, time of day, direction of travel and
weight of vehicle.
About 407 ETR
Highway 407 ETR is an all-electronic open-access toll highway
located in the Greater Toronto
Area in Ontario, Canada.
The highway spans 108 kilometres from Burlington in the west to Pickering in the
east.
407 International Inc. is the sole shareholder of 407 ETR and is
owned by:
- Canada Pension Plan Investment Board (CPP Investments) through
indirectly-owned subsidiaries (50.01%);
- Cintra Global S.E. which is a wholly-owned subsidiary of
Ferrovial S.A. (43.23%); and
- AtkinsRéalis Canada Inc., formerly SNC-Lavalin Inc.
(6.76%).
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SOURCE 407 ETR Concession Company Limited
