25.04.12
Contract extension for HS1 operation
HS1 Ltd and Network Rail have signed a new deal to extend the contract to operate and maintain HS1 until at least 2025. This follows five years of operation since HS1 opened.
The organisations plan to align their incentives for quality and efficiency, reduce the price of fares, and facilitate the 50/50 sharing of future financial performance.
Nicola Shaw, chief executive, HS1 Ltd, said: “We conducted an extensive market review and knew that we had alternatives. However the quality of delivery from Network Rail (CTRL) has been good over the last few years and this deal offered real benefits to us and to our customers.
“We’ve now got a decade of certainty on which to work together to improve the line even further and to welcome more growth.”
Patrick Butcher, Network Rail’s group finance director, said: “We have run HS1’s infrastructure since the current route opened in 2007 and have delivered a high standard of punctuality and overall performance for our client and the route's users - a standard that we aim to continue for many years to come.
“The new contract offers our client even better value, and allows HS1 and its customers to share in outperformance through the continuation of the excellent partnership that has been established.”
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