As more P3 road projects are bid and built in the U.S., the DBFOM teams are becoming comfortable with the risk calculations in the construction and financial components of the deals. But long-term O&M risks are viewed as largely uncontrollable at this point and prices are all over the map. As a result, “O&M is becoming one of the deciding factors in these deals,” says an industry expert. “You can’t hedge O&M risk.”