I've read that ETCS uses a concept familiar from previous forms of ATP, known as 'release speed' on final approach to the fixed limit of a movement authority, such as a signal or block marker board. Once below this speed, the onboard system does not supervise the speed in fine detail, however if the train then passes the limit of movement authority, then a 'train-stop' intervention takes place, which is calculated to safely bring the train to a stand within the overlap. Hence overlaps are required in ETCS schemes, although release speed values and overlap lengths can be varied to a greater extent than with conventional signalling to suit local conditions and layouts. I believe on simple plain track where block markers are provided every 0.5km or so, the standard overlap is one block length, to avoid any additional train detection sections just for overlap purposes.It won't have too many noticeable changes, but there are some important aspects of ETCS that will change the service - SRTs and Junction margins will get rounded to 15 seconds rather than 30 seconds, The Braking Curve control replaces approach control signalling and cautionary aspects for a smoother approach and (I think) overlaps effectively become redundant, being replaced by the braking curve supervision. Which has implications for compact layouts such as at Peterborough.
It's a bit late to descope a resignalling scheme from ETCS to anything else once you're halfway through the project.
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ETCS might allow raised speeds on the slow lines in some places where geometry and track maintenance standards allow it. Currently, this is artificially limited by signal spacing with 4-aspect signals on the fasts and 3-aspect on the slows.ETCS could lead to changes in the permissible speed here and there where it is currently limited by signal sighting, but that's not going to be many nor very large increases. As others have said a few other things such as the shorter overlaps, better placed block sections and more timing granularity will help it trains to run 'smoother' and slightly closer together. But as others have pointed out there's probably not value for money in replacing hundreds of millions of pounds worth of points, track, platforms and OHLE.
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