Institute for Transport Studies (ITS)

Staff photo

Jeremy Drew

Visiting Research Fellow

Phone: +44 (0)20 7354 3451
Email: jeremy.drew@btinternet.com_


  • Fellow, Chartered Institute of Logistics and Transport
  • MSc Economic Regulation and Competition (2006)
  • Diploma in Accounting and Finance, ACCA (1986)
  • MA Transport Economics, Leeds University (1978)
  • BA Engineering Science and Economics, Oxford University (1970)

Professional profile

  • Jeremy Drew is a transport economist specialising in railways. With over 30 years consulting experience, he has provided advice on a range of transport issues in developed, transitional and developing countries, and in both the public and private sectors.
  • Jeremy has worked as a consultant for the rail industry, regulators and government in the UK. He participated in or managed several assignments for British Rail, worked for the rail regulator on track access agreements during the process of privatisation, and for the government on the evaluation of franchise bids, investment appraisal and staff costs. He has assisted franchise operators prepare franchise bids, working mainly on traffic forecasts, and advised the consortium operating Eurostar on its concession agreement. He recently advised on traffic and revenue forecasts on the due diligence review for the sale of High Speed One, the rail line between London and the Channel Tunnel.
  • His international experience includes work on railways in China (on investment and its funding), Russia (regulation, tariffs and due diligence for private investors), South Africa (advising government on a range of issues including regulation and rail investment and Transnet on costing and pricing), Kazakhstan (regulation and investment appraisal), Kenya, Uganda and Swaziland (regulation and concessioning), Senegal (business planning), and Mongolia on regulation and private investment.
  • Recently, he was senior economic adviser at the Community of European Railways (CER), a body that represents the interests of all railways in Europe, advising on European policy and legislation as it affects rail. He edited a book for CER on railway reform and was also a member of the World Bank team writing a toolkit on railway reform, for which he wrote a chapter on regulation.

Employment History

  • 1993 - Drew Management Consultants, London, Founding Partner.
  • 2008 - 10: Community of European Railways, Brussels, Senior Economic Adviser
  • 2000 - Institute for Transport Studies, Leeds University, Visiting Research Fellow.
  • 1985 - 1993: Coopers & Lybrand Management Consultants (now IBM Consulting), London, Principal (Director, Prague, 1990-2).
  • 1979 - 1985: World Bank, Washington D.C., Young Professional, Project Economist/Officer and Adviser. Seconded to Ministry of Finance, Nepal.
  • 1975 - 1977: British Council, Colombia, University Lecturer in Transport.
  • 1970-1975: Freeman Fox (now Halcrows), London, Transport Economist.

Project experience

  • Transnet, South Africa
    • Part of team advising Transnet, the multi-modal rail operator, on an integrated pricing and service strategy for containers. Responsible for developing a rail costing and pricing model.
  • High Speed One, Due diligence
    • Technical and commercial due diligence for the sale of the high speed line between London and the Channel Tunnel. Reviewed seller documents on demand and revenue forecasts for domestic and international passenger trains.
  • UK Department for Transport, Value for Money review
    • Analysed staff costs in rail industry (pay and productivity) and identified possible ways to reduce costs. Responsible for co-ordinating academic inputs on data analysis
  • Asian Development Bank, Mongolia, 2010
    • Due diligence of proposed privately financed coal line. Responsible for providing economic and regulatory advice.
  • European Bank for Reconstruction and Development (EBRD), Russia, 2010
    • Due diligence of rail entities as part of reviews of loan for private leasing and operating companies.
  • EBRD, Russia, 2010
    • Rail freight tariff review to assess whether Russian railway tariffs discriminate against traffic carried to Baltic States.
  • China, Ministry of Railways/ World Bank, 2008-9
    • Reviewed European and other international practice in the funding of investment in railways. Assessed Chinese situation and recommended greater state funding of massive proposed investment programme.
  • Greece, Ministry of Finance, 2008
    • Provided advice on 2007 European Union Regulation on public service contracts and its implications for the relationship between government and Greek railways.
  • South Africa: Department of Public Enterprises, 2007
    • Team leader on major review of international practice in technological innovation and funding of investment in railways. Developed recommendations appropriate to South African conditions which would allow rail to play a much larger role than it would if commercial considerations alone were taken into account.
  • Franchise Bidder, Denmark, 2007
    • Reviewed traffic and revenue forecasts produced by authority and franchise bidding team and developed revised forecasts.
  • Franchise Bidder, UK East Coast, 2007
    • Member of team carrying out critical high level review of demand and revenue forecasts produced by other consultants as part of a franchise bid. Developed models to “backcast” traffic levels, comparing actual growth with those predicted by models.
  • Ukraine Railways, European Bank for Reconstruction and Development (EBRD), 2007
    • Made traffic, tariff and revenue projections for rail freight as part of due diligence for proposed loan.
  • Kazakhstan, Regulation: EBRD, 2006
    • Provided advice to regulator responsible for regulating all natural monopolies on legal framework, investment and tariffs. Provided training to agency staff.
  • Indian Railways, ADB, 2005-present
    • Advising Indian Railways on business performance and business/investment issues, and monitoring the implementation of reform and investment programmes.
  • Uganda Transport Regulation, World Bank, 2005-6.
    • Reviewed rail markets and the potential for abuse of monopoly power under a proposed concession. Analysed draft rail concession agreement and identified where independent regulation is needed.
  • Eurostar, (UK), 2005-06
    • Advised Board of consortium operating the Eurostar concession on the scope for renegotiating the contractual arrangements for the concession.
  • Nigeria, Policy Positioning Paper, Bureau of Public Enterprise, 2005
    • Wrote Policy Positioning Paper on the Privatisation of Nigerian Railways (NRC) setting out the current problems of the railways in Nigeria, international experience in concessioning and potential problems that should be addressed.
  • UK Department for Transport, 2005: Franchise Bid Evaluation
    • Reviewed operational plans submitted by bidders for a major rail passenger franchise.
  • South Africa: DFID/Department of Public Enterprises, 2003-5
    • Rail Co-ordinator. Carried out review for Government of rail operator’s investment proposals and appraisals and on private sector participation. Wrote papers for Director General on rail passenger concessioning policy and on rail regulation.
  • Kazakhstan Railways: New line feasibility: EBRD, 2004-5
    • Advised EBRD on economic justification for proposed new line to Chinese border. Reviewed feasibility study and made demand forecasts. Carried out cost benefit analysis. Also carried out due diligence on railway’s business plan and overall demand and revenue forecasts.
  • Swaziland Railways Regulation, World Bank, 2004-05
    • Team leader of team developing a regulatory framework for a proposed railway concession. The work included a review of markets and the potential for abuse of monopoly power under a proposed concession.
  • Kenya Railways Regulation, World Bank, 2003-04
    • Team leader of team developing a regulatory framework for a proposed railway concession. Work included a review of rail regulation internationally, a review of markets and the potential for abuse of monopoly power under a proposed concession.
  • Russian Railways Regulation, OECD/ECMT, 2003
    • Member of OECD/ECMT mission to Russia advising government on regulatory reform in railways. Examined scope for development of competition.
  • National Express/Keolis, high speed domestic services, 2002
    • Developed case for these members of consortium running Eurostar service to also run domestic services on High Speed One. Analysed timetables, diagrams and operational options. Team leader. Later, as part of franchising bidding process, wrote report on capacity and access issues that might affect these services.
  • UK Strategic Rail Authority: Capacity Allocation, 2002
    • Team leader on review of international experience with capacity allocation on railways.
  • UK Strategic Rail Authority: Investment Appraisal, 2001
    • Developed the SRA’s approach to investment appraisal of rail freight schemes. Reviewed Government guidelines for appraisal, developed and tested approaches for different types of projects and drafted guidelines.
  • Railway Maintenance Contractor, 2000
    • Carried out two inward investment reviews for a major contractor wishing to enter the market for track and electrification work in selected Central and Western European countries. Gathered data through subcontractors in those countries and carried out analysis to develop preliminary recommendations.
  • Slovak Railways, EBRD, 2000
    • Developed a business plan for Slovak Railways to meet requirements of international banks. Analysed existing public services obligations and compensation paid.
  • United Kingdom: Airport Rail link, National Express/ British Airways/ BAA, 1999-2000
    • Developed business case for a new airport rail service. Assessed the level of investment required and the availability of public funds for investment.
  • South Africa, Commuter Rail, 1998
    • Provided assistance to Metrorail, the commuter rail provider through the development of performance improvement projects aimed at achieving cost reductions and/or service enhancements. Initiated projects with Metrorail staff and managed process of development.
  • South Africa, Department of Transport, Urban Transport Strategy , 1997-8
    • Senior Adviser, Urban Transport on a major study advising Government on the long term strategy for achieving its transport goals.
  • Kazakhstan: Aktau Port, EBRD,1997
    • Institutional and PPP specialist on team implementing projects to upgrade Kazakhstan’s only port through a public private partnership. Wrote Information Memorandum.
  • Office of the Rail Regulator (ORR), UK, 1995-6
    • One and a half years full time secondment with responsibility for regulatory review of the track access agreements between the infrastructure owner, Railtrack, and train operating companies. Member of inter-agency body responsible for developing Crossrail, a major London rail project.
  • Hungarian Railways: Business Plan and Passenger Fares, EBRD, 1996-7
    • Provided advice to Hungarian Railways (MAV) on its business plan and passenger tariffs in the context of a proposed loan from the European Bank for Reconstruction and Development (EBRD).
  • Slovakia: Railways Restructuring and Investment Study, EBRD, 1994
    • Team Leader on a major project to develop restructuring and pre-investment plans for Slovak Railways. The work involved a critical review of the railway’s investment plans and feasibility studies.
  • Czech Ministry of Transport/Railways, 1994
    • Provided training seminar for managers of Czech Railways on international experience in organisational and financial restructuring, and privatisation of railways.
  • Olympic Airways, Greece, 1993
    • Developed required undertakings of Olympic Airways to Greek Government for internal management changes in the context of financial restructuring. The restructuring was aimed at meeting EU competition requirements.
  • Slovakia: Bratislava Airport Privatisation, 1991
    • Advised Slovak Airports Authority on the process of introducing foreign investment to finance the development of the airport.
  • United Kingdom: Railway Privatisation Advice, 1989
    • Member of a team examining the financial and other implications of different structural and regulatory options for a future privatised railway.
  • Senegal: Senegal Railways, Corporate Plan and Performance Contract, 1988
    • Resident team leader on a World Bank assignment to produce terms of employment, financial projections, a corporate plan and a performance contract between Senegal Railways and the Government.
  • Karachi Mass Transit, 1987-8
    • Study of alternative mass transit systems using rail and bus technologies. Responsible for institutional component.
  • Colombian Railways, 1976-7
    • Managed University of the Andes team in joint study (with M.I.T.) of the long term role of the railways in Colombia, developed cost model and appraised investment projects and closures.
  • Nottingham and other Transportation Studies, 1970-5
    • Responsible for economic and financial comparisons of alternative investment strategies and policies involving road and public transport options.
This page will be updated from our publications database.

Search site