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2.7.2 Consultation and Review 2021-2022

The 2022 Consultation 

The 2022 TICCS® market consultation took place between June 2021 and January 2022. The objectives of the consultations were

  1. whether each TICCS pillar serves a clear purpose

  2. whether there are categories under each pillar that should be added, revised or removed

  3. whether any other pillars should be considered

  4. how TICCS is useful to their organisation

32 responses were provided, mostly by asset owners and managers but also consultants and banks.

78% of respondents considered TICCS® 2020 to be appropriate, with no changes required. The remaining 22% of respondents had comments or required clarifications about the classification. These comments and suggestions were then passed to the TICCS® Review Committee for their consideration and expert opinion.

(You can download the 2022 Consultation Results here.)  

The rest of this document includes the key April 2022 recommendations of the Review Committee and a discussion of most of the suggested changes or clarifications. Note that a number of suggestions were aggregated, and a few were excluded because they were not considered relevant.


Recommendations of the Review Committee (April 2022)


2021-2022 Consultation & Review

The vast majority of respondents were happy with TICCS® and found it clear and useful. Most of the comments in the consultation report were granular, focusing on specific points of specific classifications, especially within the industrial pillar.

Pillar one (Business Risk)

  • 86% of respondents to the 2022 TICCS® consultation considered this pillar to service a clear purpose.

  • The committee argued that there is a need to provide clarity and guideline on how we classify partially contracted/merchant assets using thresholds (e.g. X% over the asset life), including how it is determined for the EDEC indices. TICCS is the type of taxonomy that defines classes but not how they should be weighted. However, threshold can be found in the Implementation Guidelines.

Pillar two (Industrial Activity)

  • Proportion of respondents to the 2022 TICCS® consultation who answered that the following Industrial Activity Super-classes served a clear purpose.

    • 86% IC10 – Power

    • 71% IC20 – Environmental Services

    • 86% IC30 – Social Infrastructure

    • 57% IC40 – Energy and Water Resources

    • 71% IC50 – Data

    • 71% IC60 – Transport

    • 57% IC70 – Renewables

    • 71% IC80 – Network Utilities

Definition for each subclass level asset was recommended by the Review Committee. 

Similar to the last consultation, it was suggested that certain activities be re-organised within their own water super-class. EDHECinfra considered this option but concluded that the current distinction between ‘network’ businesses (including Water Utilities) and standalone assets (e.g. Water treatment plants) is warranted and reflects the fundamental economic mechanisms at play in infrastructure.

Suggested new Asset Subclasses were considered by the Review Committee and also the fundamental economic criteria described above.

  • To be newly included

    • Bioethanol Fuel (IC402040) under Energy Resource Processing Companies (IC4020)

    • Cell Towers (IC501010) and Radio and Media Towers (IC501040) under Data Transmission (IC5010)

    • Thermal Storage (IC705030) under Other Renewable Technologies (IC7050)

    • Hydrogen-fired power generation (IC706010), Hydrogen Fuel Cells (IC706020) and Hydrogen storage (IC706030)

    • Smart Metering Companies (IC8070) and Smart Metering Network (IC807010)

  • Suggestions not to be included

    • Carbon management and storage assets

    • Industrial Gasses

    • Land Registries

    • Inland freight water transport

    • Inland passenger water transport

    • Sea and coastal freight water transport

    • Coastal passenger water transport

    • Aircraft leasing

    • Cold storage and logistics

    • Warehouse

    • Intermodal and transport hub/depot

    • Motorway service stations  

    • Composting of bio-waste

    • Landfill gas capture and utilitisation

  • Suggestions that were already covered in TICCS® 2020

    • Fiber-to-the-Premises (FTTP)

    • Anaerobic digestion of bio-waste

Pillar three (Geo-Economic)

  • 86% of the consultation respondents found the third TICCS® pillar to serve a clear purpose

  • A minor update was made to the Geoeconomic Pillar definition with more examples to provide better clarity in response to the recommendations by the Review Committee, 

Pillar four (Corporate Structure)

  • 86% of the consultation respondents found the third TICCS® pillar to serve a clear purpose

  • Title of the pillar has updated to "corporate structure" to provide a clear idea of how project financed asset is being differentiated from those assets that are not.

TICCS® 2022 Change Log


The Infrastructure Company Classification Standard (TICCS)

Document version

TICCS 2020.02

Change no.

Location of Change


Description of Change


Date submitted

Date approved



TICCS Overview

Information entailed below:

·         TICCS, A Standard for the Industry

·         TICCS, Structure and Methodology

·         Key Features of TICCS

·         The TICCS Comparative Advantage

-Update the number of industry classes of specific industrial activities and industrial asset-level subclasses.

-Update all corporate “governance” to corporate “structure”



30 April 2022

1 May 2022



Pillar 2: Industrial Activities and Assets



8 Industrial Superclass

33 Industrial Class

95 Industrial Asset Subclass



-Inclusion of further classes and subclasses

8 Industrial Superclass

35 Industrial Class

101 Industrial Asset Subclass


-Adding subclass definition for each TICCS asset


-Adding of subclasses

IC402040 Bioethanol Fuel

IC705030 Thermal Storage

IC706010 Hydrogen-fired power generation

IC706020 Hydrogen Fuel Cells IC706030 Hydrogen storage

IC807010 Smart Metering Network

IC501010 Cell towers

IC501020 Long-Distance Cables




30 April 2022

1 May 2022



Pillar 3: Geoeconomics


Minor updates to the definition with example,

“ In a global economic shock, global transport assets, including global airports, are more exposed to the impact than regional and subnational airports. Subnational airports only deal with traffic from local destinations, regional airports are mostly exposed to countries in that region. In contrast, global airport is a destination airport or a major transport hub servicing traffic from around the world.”



30 April 2022

1 May 2022



Pillar 4: Corporate Governance




Title updated to “Corporate structure”



30 April 2022

1 May 2022



Sustanability: NACE and EU taxonomy 


Inclusion of Sustanability: NACE and EU taxonomy



30 April 2022

1 May 2022


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