In 2026, the rail network in Wales is primarily operated by Transport for Wales (TfW), which is a company wholly owned by the Welsh Government. Following the nationalization of the "Wales and Borders" franchise in late 2020, the government moved to a "public sector" model to ensure that transit goals were aligned with national social and environmental policies. While TfW manages the train services and the "Core Valley Lines" infrastructure, the majority of the heavy rail tracks (like the South Wales Main Line) are still owned and maintained by Network Rail, which is a UK-wide public body. This dual-governance model requires close cooperation between the Senedd (Welsh Parliament) and the UK Department for Transport. In early 2026, a landmark £14 billion investment plan titled "Today, Tomorrow, Together" was launched, further solidifying TfW's role as the central authority for integrated bus and rail travel across the country.