Network Rail's performance on Southern, on Govia Thameslink (GTR) and
in Scotland was "below expectations and missed punctuality targets", the Office of Rail and Road (ORR) said.
Southern and GTR combined represented a third of punctuality delays.
Nearly half of cancelled and significantly delayed services were in England and Wales, the ORR added.
The
fine either has to be paid to the Treasury, or instead, the £2m will
have to be used to improve customer services beyond what is normally
expected, a spokeswoman for the ORR said.
The regulator did not find any systematic weaknesses, but said that Network Rail had used flawed data to compile new timetables.
It
said Network Rail had "significantly underestimated the impact of the
Thameslink programme on performance, which was further exacerbated by a
timetable that was not robust".
Passengers who used London Bridge station faced "very severe disruptions and frustrations" because of the issues, it added.
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