Since 1988, Sweden's railways have been vertically separated with (private or public) train operators paying for the use of government-owned railway infrastructure. The present paper scrutinizes today's charging regime. The revenue from these charges generates insufficient revenue to recover the total spending on infrastructure. The charges may, never the less, be in line with an efficiency-enhancing pricing policy. To answer whether or not this is so, the paper seeks to compare state-of-the-art knowledge about marginal costs for using infrastructure with current charges. It is found that there may be reason to increase charging on at least two counts: Current tariffs fail to mirror marginal reinvestment cost and scarcity is not priced.