Transport for London (TfL) reached a funding settlement with the Government for a GBP 1.2 billion (EUR 1.4 billion) funding until March 2024.
The agreement will support the GBP 3.6 billion (EUR 4.2 billion) commitment for the investments over the mentioned period, with around GBP 200 million (EUR 233 million) of new capital funding from Government.
“The agreement also allows us to increase our asset renewal programme to help ensure our network remains reliable, and means we can restore our Healthy Streets programme, making our roads safer, and more attractive for those walking and cycling,” Transport for London Commissioner Andy Byford said.
The funding will help the delivery of transport investment including purchasing new trains for the Piccadilly line and Docklands Light Railway, completing in-progress schemes like Four Lines Modernisation, the Bank station upgrade and the transformation of Old Street Roundabout, and finalising the transformational investment in the Elizabeth line.
Piccadilly line upgrade is one of TfL’s major projects for which the assembly of the new passenger trains has begun. Siemens Mobility won a EUR 1.54 billion contract for the supply of 94 new generation, high-capacity, walk-through, air-conditioned trains to serve the Piccadilly line.
In 2021, TfL and Siemens Mobility unveiled the detailed design of the new generation Tube trains which provide 10 per cent more capacity. The trains will serve the Piccadilly line and delivery will begin in 2025. The new fleet will allow the increase of train frequency in peak hours from 24 to 27 trains per hour from mid-2027.
The Docklands Light Railway (DLR) rolling stock replacement programme covers the supply of new trains to replace the expired B92 fleet and 10 to increase capacity. The contract was awarded to CAF in 2019 to deliver 43 trains including the provision of technical support services and spares supply. 33 trains will replace DLR’s oldest rolling stock which is nearly 30 old and 10 will increase frequency and capacity across the network. The 5-car trains are expected to enter passenger operation from 2023.
The DLR programme also includes an expanded depot at Beckton to stable and service the new fleet and signalling modifications to the Thales automatic train operation system to work with the new trains and functionality. There will also be a telecoms system modification to provide enhanced customer information and traction power capacity works.
The funding settlement enables TfL to continue to invest in improving London’s streets, including borough roads, with around GBP 80 million (EUR 9.3 million) per year spent on projects that benefit people walking and cycling and will also allow the investment project to deliver the Bus Action Plan.