The OP's question - how much cheaper would it have been had a lower speed been specified and designed for at the outset - is surely of only academic curiosity? What the SpAds who briefed the Times on this need to explain, surely, is how on earth lowering the specs now is going to save an amount of money that makes the trade-off good value (or, indeed, save any money at all).
What I'm at least as interested in is what electricity costs do to the economics of operating a high speed railway. Obviously drag increases non-linearly with speed, and at the highest speed the extra energy needed to make the train go faster is quite significant. On the other hand, making the train slower increases staffing costs and at some point requires you to have longer trains and/or more trains to deliver the required capacity. Have projected energy costs changed enough, since HS2 was designed, to alter the balance of energy consumption vs operational efficiency in a way that would make slightly lower top speeds sensible?
It depends on how much slower.
TL;DR, the extra lease cost per return ticket London to Manchester is likely to be about 5p more (circa £2.65) by slowing the trains down and running then as 11 coach sets vs 16 coach sets, however the energy costs for the slower shorter train would be about £5.20 less by slowing the trains down and shortening them.
With the driver costs potentially being around a 20p saving for a return ticket by going faster
However, if the shower trains are full length the savings start to drop away quite quickly, with the extra lease costs rising by an extra £1.10 and the energy costs also rising by £2.25.
Key summary, yes there's a cost difference, but on a (say) £50 return ticket an circa £1.60 cost difference is hardly going to alter things by much.
Those complaining about high energy costs are often the very same people who don't want HS2, so focus on something which looks big but actually appears to have a fairly small impact on the overall running costs.
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The following gives the details of how the above were reached.
At 1:08 his London to Manchester with a 22 minute turn around you're already likely right at the limit of doing the return trip in 3 hours. With 3tph that's 9 sets.
That means of you slow it down at all it's going to be, at best, 9.33 sets (assuming you can rota the units with other services). Under phase 1 the extra isn't an issue, as you'd be running half length sets until the full link was to be built (originally only a few years).
However if you start to mess around with the assumed train lengths and you have to use 10 full sets you could see the following:
Original design under full opening with 16 coaches per set: 144 coaches but a capacity of 1,100 seats per train.
Phase 1 only with 11 coaches per set: 110 coaches but with a capacity of around 755 seats per train.
As such whilst you're not going to see an increase in rolling stock costs, the cost per seat would be higher.
Let's say that each coach costs a baseline of £40 per coach per hour that then gives you a value of:
Full HS2 - £5,760 shared between 6,600 seats, so a cost per seat of £0.87 per hour, so £2.61 for a return journey on a train 100% full.
Phase 1 - £4,400 shared between 4,530 sears so a cost per seat of £0.97 per hour, so £3.88 for a return journey on a train 100% full.
That's assuming £200,000 lease cost per coach per year, that they ruin 90% of the time running 15 hour days 363 days a year to get to that £40 per hour figure.
Obviously the loadings of the trains will adjust those numbers, as even with full capacity it's unlikely that you'd gain enough extra passengers to fill the 1,100 seats trains whilst not overflowing the 755 seat trains.
However if we assume 550 people per train that's going to be:
Full HS2, cost per ticket £2.61
Lower speed, shorter trains cost per ticket £2.76
However lengthen those slower trains to 16 coaches and the maths changes at you now need 160 coaches (vs the 110 for then previously or the 144 for the faster trains) and the cost rises to £3.87.
That's a long way to get to the point that the lease costs would be more per ticket, but not by very much.
The staff costs are more complex, however if we assume a charge rate of £110 per hour per driver (to allow for holiday, sick, training, hourly rate, test breaks, employment costs, etc.) then their costs would be:
£2 for a return ticket for the slower trains
£1.80 for a return ticket for the faster trains
Some might argue that's too high a charge rate just for a driver, but then I've not allowed for other staff time, so if anything that's likely to be a fair assessment. Obviously others could say that's too low, to which I'll say I didn't want to over do it and the overall outcome isn't significant anyway.
However, nor is the change in energy costs. However, by having fewer seats per train (as I understand it) there's actually proportional more drag per seat so you may also find that the energy savings aren't that big.
As I understand it, each coach you add are a bit of drag, but no where near the amount you have for the front of a train.
For example, whilst the total drag would be roughly double for the faster (225mpj) longer train compared to the slower train (185mph), the extra drag for the trailing coaches is broadly the same ratio, but only when traveling at the higher speed. When they are traveling at the same speed the amount of drag for the longer train would be higher but with the leading coach being 2.5 vs around 1 for a following coach the full set would be 17.5 vs the shorter set being 12.5 (at the same speed).
Therefore up to 185mph the cost difference would be limited, it's only as you go faster that you start to see the costs increase
Obviously the longer trains would have an extra energy cost due to carrying around extra coaches (roughly 40% more for like to like speeds), however this nearly doubles once the long train is running at 225mph vs the shorter train running at 285mph.
Assuming full speed end to end the power requirements for a single London to Manchester trip would be:
12-15kWh per passenger for the slower shorter trains
20-28kWh per passenger for the longer faster trains
At 20p per kWh the cost for the extra energy for the longer faster train would be £5.20.
However, that only applies all the time the slower trains are running as 11 coach trains, lengthen then to 16 coach trains and their energy use would go up by around 40% reducing that saving by £2.25.
Paired with the extra lease costs and the extra staff costs the net savings would fall to circa £1.60, which is hardly anything on a £50 ticket