Siemens hints at financing UK electrification

Credit: Network Rail.
Credit: Network Rail.
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Siemens Mobility has said it would be “happy to play its part” in the delivery and financing of major electrification work in the UK.

The announcement follows a pledge by the UK government to give Network Rail £47.9 billion in funding for Control Period 6, from 1 April 2019 to 31 March 2024.

In a statement, Siemens Mobility UK’s managing director, Gordon Wakeford, said that the company welcomed the government’s willingness to find new approaches to the delivery of major rail upgrade projects, referring to Network Rail’s plans to seek more private-sector investment for rail infrastructure upgrades. This follows the recommendations made in the Hansford Review.

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Wakeford added: “Siemens welcomes today’s announcement, and is looking forward to continuing our long-term partnerships with Network Rail.

“We also welcome the government’s apparent willingness to find new and innovative ways to deliver major rail upgrade projects.

“There’s no reason why major electrification and resignalling projects can’t be delivered and financed with more private-sector involvement, and Siemens would be happy to play its part, alongside Network Rail and other partners.”

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