STB

TD Cowen: Takeaways From the Next-Gen Freight Rail Conference

CHICAGO ––RAILWAY AGE NEXT-GEN FREIGHT RAIL CONFERENCE, MARCH 10, 2026: Union Pacific sees end-to-end scale and past merger lessons supporting its consolidation case with Norfolk Southern, but peers flag competition loss and gateway risk. Union Pacific noted that it is talking to several Class I carriers behind the scenes, potentially paving the way for some concessions. The Surface Transportation Board is streamlining environmental permitting and is committed to overhauling switching rules.

Former Rail Executive: UP-NS Deal Likely to Get Done & Other Views –– Commentary From TD Cowen Via Railway Age

NEW YORK –– We hosted a former Class I CEO to review the recent Union Pacific-Norfolk Southern merger application. He sees a very strong filing with acceptance likely though not until 2027. The CGP (Committed Gateway Pricing) solution enhances competition and should pass STB’s test. The network plan supports disclosed truck conversion opportunities in transcontinental and watershed lanes. Competitors are likely compelled to adapt and could eventually propose their own combinations.

CN on UP+NS Merger: ‘Our Customers’ Voices Must Be Heard’

Joining BNSF and Canadian Pacific Kansas City (CPKC) in expressing their concerns about the proposed Union Pacific (UP)-MONTREAL –– Norfolk Southern (NS) merger, CN recently launched a page on its website encouraging its customers to speak up and file a Notice of Intent to Participate with the Surface Transportation Board (STB).

Did Primus Engineer His Own Ouster? –– Commentary

WASHINGTON, D.C. –– The firing by POTUS 47 of outspoken Surface Transportation Board (STB) member and Democrat Robert E. Primus Aug. 27 leaves the five-member agency short two members as it awaits a formal merger application from Union Pacific (UP) and Norfolk Southern (NS). By early morning Aug. 28, Primus’ name was removed from the STB website’s listing of members.

Report: Primus Latest Victim in POTUS 47 Firing Spree

WASHINGTON, D.C.––POTUS 47 on Aug. 27 fired Surface Transportation Board member Robert Primus, The Wall Street Journal reported Aug. 28, noting that the STB is “the railroad regulator weighing the proposed megamerger between Union Pacific and Norfolk Southern.”

Getting Closer to a Merger Deal? Commentary

OMAHA and ATLANTA –– Unconfirmed reports over the weekend noted a Class I merger is close. These reports were preceded by actions by the STB that show the agency is preparing to handle a review in a more expedited fashion with a merger resource page already up, and a notice that the Board is embarking on taking steps to expedite regulatory processes. We continue to believe a deal is highly likely between Union Pacific and Norfolk Southern.

STB Chairman Patrick Fuchs – RAIL GROUP ON AIR

Drawn from our 2025 Rail Insights conference, this edition of Railway Age’s podcast series features Surface Transportation Board Chair Patrick Fuchs in conversation with Editor-in Chief William C. Vantuono. Now in his second five-year

STB Finalizes Reciprocal Switching Rule

WASHINGTON –– The Surface Transportation Board (STB) on April 30 reported adopting Reciprocal Switching for Inadequate Service, STB Docket No. EP 711 (Sub-No. 2), by unanimous vote, implementing new regulations at 49 CFR part 1145, which it said “sets forth a path for shippers and receivers to petition the Board for the prescription of a reciprocal switching agreement.” The final rule “is designed to promote adequate rail service,” according to the STB. Board Member Robert Primus concurred with a separate expression, noting “I am voting for the final rule because something is better than nothing.” Frank N. Wilner, Railway Age Capitol Hill Contributing Editor, weighs in and provides a reciprocal switching “primer.”

Rail Group On Air: Merger talk with MidRail LLC Chairman Gil Lamphere

MidRail LLC Chairman Gil Lamphere offers his views on the competition between Canadian Pacific and CN to acquire Kansas City Southern, discussing the details of voting trusts and the role of the Surface Transportation Board, and other railroad merger-related issues, with Railway Age Editor-in-Chief William C. Vantuono.