A1.2 | Improved asset condition

The Infracos are required contractually to recover shortfalls in the condition of the Tube infrastructure arising from an acknowledged backlog of investment. The assets must reach "steady state" condition by 2026, based on the assumption that it will take this long to remove the backlog. In reaching "steady state", the Infracos must:

■ Monitor and report on the condition of their assets - in accordance with benchmarks, on a scale from A to E.6 LUL is to assure itself that Infraco asset management regimes are effective and appropriate, and to measure progress between and at each 7½ year periodic review against a) asset condition benchmarks (for stations, tunnels, etc.) and b) residual life benchmarks (for renewable assets such as trains and escalators).

■ Develop annual asset management plans - looking nine years ahead and setting out what an Infraco proposes to do to implement its asset management strategy and meet its contractual obligations.

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⁶ Conditions A, B and C are satisfactory or better, Condition D demands heavy maintenance or replacement/overhaul, Condition E demands frequent inspection or removal from service until fixed.