Media centre

Wednesday 10 Mar 2004

NETWORK RAIL WELCOMES RAIL REGULATOR’S DECISION

Region & Route:

National

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.”