Bristol to London railway electrification welcomed by Network Rail
A year-long study by the company found that the £1 billion project, unveiled in July, will save hundreds of thousands of pounds every year, reduce carbon emissions and improve journeys.
But the scheme could be put on hold or ditched permanently under a Conservative government because of Tory doubts about the project.
The electrification of the Great Western main line could be up and running by 2017, shaving 12 minutes off journeys between Bristol and London.
It would take in Bristol Parkway, Temple Meads and Bath, all the way through to Swansea, and would involve installing hundreds of miles of overhead electric cables and alterations to tunnels, bridges and stations.
The project, the biggest since the line designed by Brunel was built, will cost £800,000 for every mile of the 118 miles between Bristol and the capital.
But Network Rail said the electrification would pay for itself, when the whole life costs of both trains and track are taken into account.
The study found that with trains being cheaper to hire, maintain and run, and with lower track maintenance and renewal costs, the savings would outweigh the investment.
Electric trains would cost half as much to run than diesel ones, and would be much cheaper to maintain.
They are 90 per cent more reliable, breaking down once every 21,000 miles compared to an average of every 11,000 miles for a diesel, and would produce 30 per cent less CO2.
Network Rail's chief executive, Iain Coucher, said: "Passengers would see enormous benefits from further electrification with faster, quieter, smoother, greener journeys.
"Electric trains are not only better for the environment, but are quieter and smoother for passengers, while causing less wear and tear to the track.
"They are more reliable and often faster.
"Further electrification will also help open up more diversionary routes, so that we can keep people on trains and off buses as we carry out planned rail improvement work.
"Our plans to develop an engineering method that can install power lines quickly, and efficiently, without disrupting services and at a cost that is affordable are already at an advanced stage."
Currently only 40 per cent of the rail network is electrified, including most of the south east of England and the main lines from London to Edinburgh and Glasgow, the network around Liverpool and the Glasgow network.
The electrification of the Great Western main line will be completed in phases, coinciding with a new fleet of electric trains in 2017.
The Paddington to Bristol line is the only one of four major lines from London that is not electrified. The Euston, St Pancras and King's Cross lines have all been electrified for many years.
If the work goes ahead, trains such as the 140mph Japanese-made Hitachi Javelin could take passengers from Bristol to London in as little as an hour and a half.
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