I attended a meeting of the Transport Economists Group in London at which Chris Stokes, a lifetime railways’ man, talked about the prospects for further rail electrification.  Only 40% of the UK’s rail network is electrified, which is low by European standards, although this accounts for 60% of passenger use.   There is interest in further electrification as a means of reducing the industry’s carbon emissions, although this depends on electricity generation reducing its dependence on fossil fuels.  

Chris Stokes focused on the financial case for replacing diesel by electric power, where fuel saving costs would yield 35-40% of the total benefits (the others being reduced maintenance and capital costs of the trains, offset by the capital cost of overhead wires).   The absolute costs saving would depend on the price of oil, but the relative attraction of electricity versus diesel was less affected because at present electricity prices are largely driven by the price of gas, which tracks the oil price. 

Electrification of the remaining main lines would offer a financial benefit:cost ratio of around 2, before counting environmental benefits.  It looks as though rail electrification is now a realistic proposition for a good part of the network currently powered by diesel trains, provided that the disruption of services could be reduced to the bare minimum, which Chris Stokes thought was possible.