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.