> No passenger rail system anywhere pays for operating costs
> (forget capital costs) with fare revenues.
SNCF makes a profit, largely due to the high-speed TGV (which accounts for about 1/3 of total revenue). SNCF pays capital costs to RFF, like a long-term lease.
SNCF is, however, the exception.
The unique geography of France and head start of TGV is likely to be a significant factor in this equation. A single TGV trainset can account for two daily round-trips from Paris to, say, Marseille, or three to the 2nd largest city in France, Lyon (between which it travels non-stop; take that, Acela NEC).
/jordan