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date 9 October 2000 source Railtrack plc type Press release
Railtrack have announced that they are currently 10% worse in terms of passenger train performance against a target set by the Regulator of 7.8% for the current year with the important autumn and winter period to come.
Railtrack would like to clarify the situation regarding penalties for performance shortfalls against the Regulator's target. For every 1% underperformance the Company could be fined £2 million.
However, Railtrack has been advised that it is the Regulator's current intention to roll forward any shortfall from this year's target of 7.8% improvement into the benchmark for the performance regime in the next control period 2001-06. This would mean that there would be no fine this year but our ability to earn extra bonuses through the performance regime in subsequent years will be reduced.
We are currently in discussion with the Regulator over the practicalities of this approach.
For more information or an interview, contact the Railtrack press office on 020 7557 8292/3
All recent press releases can be found on the Railtrack web site at the following address: http://www.railtrack.co.uk/corporate/notice
