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Archive
2004-03-10 NET-001
Network Rail
Network Rail welcomes Rail Regulator’s decision
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Press release
Network Rail
Network Rail welcomes Rail Regulator’s decision
Network Rail today welcomed the Rail Regulator’s decision concerning the funding arrangements for the final conclusions of the Interim Review of track access charges.
The Rail Regulator had previously determined that Network Rail’s expenditure for the next five years should be £22.2 billion. Following discussions with the Strategic Rail Authority, Network Rail submitted proposals to the ORR for a two-year deferral of the increase in track access charges (with the relevant expenditure to be funded by additional borrowing) along with a suggested reprofiling of track access charges and unconditional grant from the SRA.
Commenting on the Regulator’s decision, John Armitt, Chief Executive said;
“We welcome this practical solution. It provides a constructive and balanced approach to funding the Regulator’s final conclusions. Network Rail now has certainty on its principal revenue streams for the next five years. Our task is maximise efficiency savings and continue to improve railway performance.”
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Notes to editors
Network Rail is the 'not for dividend' operator of Britain's rail network. Our objective is to provide safe, reliable and efficient rail infrastructure.
We own and maintain the tracks, signals, tunnels, bridges, viaducts, and level crossings. We also own the network’s 2,500 stations, and manage the largest and busiest. We provide access to the tracks for every passenger and freight train, timetable their journeys, and operate the signalling, which controls their movements.
Network Rail is a company limited by guarantee with members instead of shareholders. It is run as a commercial organisation, but any operating surplus is re-invested in the rail network.
Our core focus is the operation, maintenance and renewal of existing rail infrastructure, with the Strategic Rail Authority taking the lead on enhancement projects.
We have set clear targets to improve performance and reduce costs, but safety is always at the forefront of our activities as we rebuild Britain's railway.
Details about Network Rail can be found on the Network Rail web site: www.networkrail.co.uk
For media enquiries: Network Rail press office on 020 7557 8292/3
Railnews Archive ::: 2004-03-10 NET-001
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