Breaking the Channel: FS Group’s €1 Billion Push to Open London‑Paris High‑Speed Rail

The Italian state‑rail operator FS Group has unveiled an ambitious plan: a cross‑Channel high‑speed rail service linking London and Paris by 2029. The initiative calls for an investment of around €1 billion, earmarked under its 2025‑2029 strategic plan, and signals its intention to challenge the longstanding dominance of Eurostar International Limited on the Paris–London corridor. The proposed service is to be launched in partnership with Spain‑based mobility company Evolyn and will deploy train‑sets inspired by the Italian “Frecciarossa” high‑speed fleet. In making the announcement, FS Group emphasised that the move is not just about opening a new route but about crafting “a more integrated, competitive and sustainable European rail network.”

This development holds significance on multiple levels. Firstly, it marks a major shift in international rail passenger services in Europe: for decades, the London–Paris link via the Channel Tunnel was essentially served by a single operator, Eurostar, which has benefited from a de facto monopoly. FS Group’s entry promises to introduce real competition—potentially lower fares, more choice, and improved service quality. Secondly, the project reflects the growing willingness of national rail operators to move beyond domestic markets and compete across borders. FS already has operations in France (via Trenitalia France) and the U.K. (through its stake in Avanti West Coast and acquisition of c2c), giving it a foothold for international expansion. Thirdly, it demonstrates how open‑access liberalisation and EU rail policy are reshaping traditional business models: railways are no longer simply national monopolies but competitive, cross‑border mobility players.

The launch of this service depends on several critical factors. Among them are the securing of licences and regulatory permissions in both France and the United Kingdom, the technical integration of rolling stock and signalling systems through the Channel Tunnel, and ensuring infrastructural capacity—such as access to maintenance depots and terminal slots at London’s St Pancras International station. FS Group has already secured permission from the U.K. regulator for access to the Temple Mills depot, which until recently was used exclusively by Eurostar. Operational planning is underway, and the group says it is “working with all the stakeholders” on technical and infrastructure matters. Beyond London and Paris, FS is studying extensions of the service via key cities such as Lille, Lyon, Marseille, Ashford and Milan, thereby positioning the project as the first phase of a broader pan‑European high‑speed network