Landing slots valuation
Airport Pricing of Aircraft Takeoff and Landing Daniel R. Polsby,Airport Pricing of Aircraft Takeoff and Landing Slots: opportunity-cost valuation of airport. Group D - FAA Landing Slots Background info Valuation Models Other people’s valuation models Papers D9, D10, D Valuation of Intangible Assets for Fair Value Accounting Purposes Airport gates and slots Appraisal plant Awards and judgments.
What do you think it costs for a pair of Heathrow 'slots'?
Receive every new article in your inbox by 6am to read on your commute - and it's FREE! The new deliveries are being matched by retirements of its elderly B and B fleets. The suggestion for one of the global alliances to move to another airport other than Heathrow is highly unlikely to materialise, due to strong relationships of airlines outside alliances i. In the UK, the legality of the exchanges for monetary consideration i. Slots can be re-allocated for traffic other than to and from Ireland, but not sold without shareholder permission. BA has also provided three daily slots to Vueling for what look like low-priority routes to small airports in Northwestern Spain.
The value of a Heathrow slot
And the prices are stratospheric. Before we get onto price, I should say that, technically, you cannot buy or sell Heathrow slots. It is not clear who they belong to, if anyone. If airline A wants to sell a slot to airline B, then airline B needs to apply for a slot very late at night a few slots are available, despite what you hear!
Airline A then does not use the new late-night slot and automatically forfeits it after a set period. Over the years, many airlines have found that their entire value was basically in their Heathrow slots. GB Airways, for instance, obtained a small fortune for its slots a few years ago — a sum probably greater than the profits it had made it its entire history.
Ironically, Etihad has no interest in using these slots and did the transaction as part of its deal to acquire an equity stake in Jet. They are currently being leased back to the airline. It used these to add an extra daily flight to New York and Atlanta.
These prices are actually well short of the peak prices achieved a few years ago. We help business and leisure travellers maximise their Avios, frequent flyer miles and hotel loyalty points.
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The big constraint is that Heathrow only has two runways, and it is the busiest two runway airport in the world airports with similar traffic typically have four runways. Extra capacity would devalue the price paid for slots, but no third runway will be built before at the earliest. Heathrow is by far the most popular of the London-area airports, but the normal price mechanism cannot be used to reduce demand because airport prices are capped by the regulator.
Hence the grey market in slots. Slots can be re-allocated for traffic other than to and from Ireland, but not sold without shareholder permission. Aer Lingus has very few slots before 9am in the morning. A recent winter schedule cited by Mr McCarthy had one slot at 8am and three at 9am. The rest were spread across the day, with seven slots after 6pm. But does British Airways actually need the Aer Lingus slots at Heathrow to expand its own long-haul operations, particularly across the North Atlantic?
The first is that long-haul route rights are readily available. There is an open skies regime on the North Atlantic but route rights elsewhere are not easily negotiated and are in any event often reciprocal, inviting competitive entry. There is no guarantee of profitability on any route and the main European carriers, including BA, face intense competition from Emirates and other Gulf carriers which has seen curtailments to some long-haul offerings.
BA has added just one daily long-haul service per annum at Heathrow over the last four years despite having around daily slot-pairs to play with.
It currently devotes 14 daily slot-pairs to its Dublin and Belfast services which it could divert to other uses tomorrow without buying Aer Lingus. BA has also provided three daily slots to Vueling for what look like low-priority routes to small airports in Northwestern Spain. BA may be re-allocated the 9 slots it was required to yield to the Virgin subsidiary Little Red by the competition authorities when it acquired British Midland.
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