WATCH: Network Rail to ask for more CP5 renewals money

Network Rail has asked the government for more funds to cover the reduction in cash available for renewals and maintenance work over the next two years.

Speaking at the CN Summit 2017 this week, Network Rail chief executive Mark Carne said he was currently in discussions with funders to accelerate money into CP5 to help overcome the expected fall in spend (see video).

In October, a report from the ORR reported a £3.9bn backlog in renewals for CP5 and CN has spoken to rail contractors concerned about renewals spending over the next couple of years.

Mr Carne also said the organisation had learned lessons from CP5 that it would be putting in place during CP6, including spending more time in the planning of projects so that more confident cost estimates could be given.

Network Rail’s CP5 funding period has been beset by issues in delivering its major enhancements, including an expected £2bn overspend on the electrification of the Great Western Main Line.