Transport for Wales (TfW) has, this week, published its annual report and financial statements for the previous year up to the 31st of March 2022. This report highlights the recovery of the Welsh rail sector post-pandemic and outlines the expenditure from the not-for-profit organisation.
Figures released today show total grant-funded expenditure of £697 million made up of:
- £346 million of revenue funding for provision of rail passenger services. This included £288 million for the provision of rail services.
- £351 million capital funding including £108 million for provision of rail passenger services, including new rolling stock and depot and station improvements and £167 million for the design and build works to transform the Core Valley Lines (CVL) rail assets (net of £8 million ERDF funding).
The transport body establishes ambitions to continue their investment into the transformation of public transport around Wales, with a key focus on the creation of a joined-up network where integrated ticketing and reliable services make it the easiest option for people travelling across Wales.
Chair of TfW Scott Waddington said:
“2021/22 was another year of significant change for Transport for Wales as the coronavirus pandemic continued to test our resilience and challenge our thinking. However, we’ve continued to work in close collaboration with our stakeholders to deliver on our shared commitment of transforming the transport network in Wales.
“Our aim is to make transport in Wales truly sustainable and fit for future generations. We have ambitious plans that we’ve progressed on this year and will continue to do so moving forward.”
Whilst outlining the key areas for review in the previous year, the report also outlines the ambitions for the year ahead, such as the actions needed to further reduce their emissions. Steps towards this can be seen through the new train fleet, which is set to run from 2022 onwards and will be more fuel efficient due to running on a mix of diesel, battery and electric.
James Price, Chief Executive of TfW said:
“We’re creating a sustainable network which will help the people of Wales respond to climate change while building an organisation that is fit for the future. Some travel patterns are already changing but Wales needs to see long-lasting, sustainable modal shift. This requires continued investment in the growth of our public transport provision with low-carbon services and infrastructure that helps to improve the social, economic, environmental, and cultural well-being of Wales.
To read more, find the report here.
Want to know more about the opportunities to become a key supplier to the UK rail industry? Attend TransCityRail and access an exclusive marketplace of buyers from Network Rail, HS2, Train Operators, Major Contractors, and all other tiers of the supply chain. For more information and to secure your place click here.
