The spending plans for Control Period 6 given ‘green light’ by Network Rail.
Andrew Haines, Chief Executive of Network Rail, has written to his counterpart at the Office of Rail and Road (ORR), John Larkinson, to confirm that no objections will be made to the conclusions made by the regulator regarding CP6.
Starting in April and set to run for five years, the spending plans outlined for CP6 is the largest ever for Britain’s railways.
Initially, the investment was set around the £48 billion mark; once Network Rail had outlined its spending plans for the five-year funding period, the ORR rigorously assessed these and suggested improvements in an initial draft determination.
Network Rail made the suggested changes and in October last year, the ORR published its final determination, outlining how money will be spent on Britain’s railways over the five years.
Approximately £35 billion will be invested; already, contracts have been awarded throughout Britain to ensure stations will be modernised, tracks renewed and digital enhancements will be put in place.
In his letter to John Larkinson, Andrew Haines praised the level of collaboration, that has resulted in finalising the infrastructure investment.
He said: “Our decision is the culmination of almost three years of work. We are grateful for the open and collaborative approach that ORR has taken over this period.
“We believe this has been key in leading to a set of conclusions that wraps around the way we run our business and ensures that our focus during CP6 is on delivering for passengers, freight users and other stakeholders.”
Network Rail went on to confirm that all geographically devolved routes will publish detailed spending plans by the end of March, outlining how Network Rail will spend the billions of pounds available.
During the next five years, Network Rail will prioritise ensuring reliable and punctual services are delivered for passengers and businesses.