LAST month marked the seventh anniversary of the launch of Europe’s first open-access high-speed operator. With its distinctive bright red trains and Italo brand, NTV quickly established itself as a high-profile challenger to incumbent Trenitalia’s flagship Frecciarossa services.

With an initial investment of €967m, including €625m for a fleet of 25 Alstom high-speed trains, NTV’s shareholders took on a significant risk in their startup, which was established with the aim of taking on an established monopoly operator in a market where the regulatory structures needed to underpin a level playing field were not yet complete.