Office of Rail and Road issued final determination on five-year plan today
Network Rail is set to spend roughly 拢600m more on core railway infrastructure after a review of its plans by the Office of Rail and Road (ORR).
Initial plans were challenged by the ORR鈥檚 draft determination in June, which called for greater focus on train performance and more spending on keeping core assets up to date.
The body鈥檚 final determination, published today, welcomed the increased spend on renewing assets and said the increased spending 鈥渁ddresses our concerns鈥�.
Will Godfrey, director of economics, finance and markets at ORR said: 鈥淚鈥檓 pleased to see that Network Rail has responded well to our challenges to its initial plans and the result is more robust and customer focussed plans which we believe will deliver better outcomes for passengers and freight.
鈥淭he plans are challenging but achievable. Our five-year funding and regulatory settlement provides stability and a platform for the industry to plan and invest. This is important not just for Network Rail, but also for passenger and freight operators and the supply chain.
鈥淣etwork Rail must now set out how it will deliver on our final determination.鈥�
The total value of Network Rail鈥檚 planned investment now sits at 拢43.1bn, with 拢38.5bn to be spent in England and Wales, and the remainder in Scotland.
The proposals cover a five year period from 1 April 2024, known as control period 7, and will see the rail authority make investments to improve the sustainability, safety and performance of its assets.
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