- Periodic review 2008
Periodic review 2008
The 2008 Periodic Review (PR08) set Network Rail’s outputs, revenue requirement and access charges for 1 April 2009 to 31 March 2014.
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What PR08 included
PR08 included extensive work determining the appropriate financial and incentive framework for Network Rail and reviewed the potential for efficiency savings in its expenditure.
This was the first review since the passing of the Railways Act 2005. It introduced a new process involving the issuing by the Secretary of State and Scottish Ministers of :
- High Level Output Specifications (HLOSs), and
- Statements of Funds Available (SOFAs)
This introduced the need for understanding of whole industry costs and revenues when undertaking the review.
On 30 October 2008 we published our determination for control period 4 (CP4, 1 April 2009 to 31 March 2014). The determination sets out the outputs that Network Rail will need to deliver in CP4 and the revenue that Network Rail will receive from access charges and other sources.
In December 2008 we published the final price lists and the review notices which started the legal implementation of our determination. On 5 February 2009, Network Rail formally accepted our determination.
Following completion of the 2008 periodic review the ORR Board commisioned an independent evaluation of the review. The letter from Chris Bolt, ORR chairman, (2008 periodic review – Independent evaluation - Letter from Chris Bolt - 14 May 2009) sets out the objectives for the evaluation and provides background. John Nelson is chairing the group undertaking the independent evaluation. His letter (ORR 2008 periodic review – Independent evaluation - Letter from John Nelson - 14 May 2009) sought input from stakeholders on a range of topics relating to the periodic review.