Atlas Arteria faces fresh hurdle in lifting tolls on US road

The news: Toll road operator Atlas Arteria has run into a fresh hurdle in its attempts to lift tolls on the Dulles Greenway near the US capital of Washington DC.

The numbers: The operator last year applied for permission to raise maximum peak tolls on Greenway by 40% and off-peak tolls by 22% but was rebuffed by the State Corporation Commission. Atlas said on Thursday a hearing examiner has also recommended that its application be denied.

Atlas Arteria shares were up 1.2% to $5.42 in early trade on the ASX. Over the 12 months its shares have plunged 16.59%.

The context: The examiner’ report indicated that raising tolls would have a negative impact on traffic. Atlas, which acquired Greenway through its spin-off from Macquarie Infrastructure in 2010, said it continues to stand behind the application. Atlas had been forced to write down the value of the 22-kilometre long toll road in 2019 and 2020, and it is estimated to carry $1.6 billion of debt.