Italian state rail group Ferrovie dello Stato has announced plans to launch a high-speed rail service between Paris and London via the Channel Tunnel by 2029. The company said on Tuesday it would invest €1 billion in the project, positioning itself as a direct competitor to Eurostar.

If it goes ahead, the move would break Eurostar’s long-standing monopoly on passenger rail services between mainland Europe and the British capital. Eurostar, which is partly owned by Belgian state railway SNCB, is currently the sole operator on the route.

Ferrovie dello Stato is the second potential competitor in a month to express an interest in entering the cross-Channel market. In early March, Virgin Group confirmed that it was preparing to invest £700 million (€835 million) in a new high-speed rail link between the UK and mainland Europe.

The connection is ripe for change and would benefit from competition

“Although Virgin has not yet committed to launching a train service, we are looking for investment from partners who share our ideas, and we are very pleased with the progress made so far,” a spokesperson said. “The connection is ripe for change and would benefit from competition.”

Transforming cross-Channel rail

Virgin believes it can run trains from 2029, initially from London to Paris and Brussels, and later to Amsterdam, according to a report in the Financial Times.

Swiss rail operator SBB has also expressed interest, confirming last week that it had carried out a study into the feasibility of a direct service between Switzerland and London.

The announcements reflect growing interest in opening up the London-Paris high-speed rail corridor to competition, a development that could potentially reshape cross-Channel rail travel and introduce more choice for consumers.