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Not Light Rail or Subway....but Commuter / Regional Rail....
I like them both , but 3rd Rail slightly more in summer since its less affected by the heat. On longer lines , i prefer Catenary which allows for speeds over 100mph. The NYC Regional uses both types Electrification..... Metro North and LIRR use 3rd Rail , aswell as Catenary on the New Haven line , and NJT uses Catenary. The New Haven line uses dual EMU trains that can switch from 3rd Rail to Catenary. They both have issues in the winter , 3rd Rail tends to get buried easily....and Ice sometimes brings down the Catenary. 3rd Rail is cheaper and lasts longer , but is limited to 100mph max with 80mph average.....as opposed to Catenary which can hit 300mph....
3rd Rail....
The Long Island Rail Road (http://www.flickr.com/photos/shellysblogger/2914295450/ - broken link) by ShellyS (http://www.flickr.com/people/shellysblogger/ - broken link), on Flickr
METRO-NORTH--4325 at Deans Bridge, Purdy's OB. 1 of 2 (http://www.flickr.com/photos/milantram/5300558004/ - broken link) by milantram (http://www.flickr.com/people/milantram/ - broken link), on Flickr
Catenary
Train 9354 Silverliner V (http://www.flickr.com/photos/jacorbett70/5144121661/ - broken link) by jacorbett70 (http://www.flickr.com/people/jacorbett70/ - broken link), on Flickr
DSCF3008 (http://www.flickr.com/photos/bvohra/4842105469/ - broken link) by bvohra (http://www.flickr.com/people/bvohra/ - broken link), on Flickr
METRO-NORTH--8455 crossing Rte 106 IB (http://www.flickr.com/photos/milantram/3521237542/ - broken link) by milantram (http://www.flickr.com/people/milantram/ - broken link), on Flickr
New Dual 3rd Rail / Catenary trains
METRO-NORTH--9112 passing Botanical Garden OB (http://www.flickr.com/photos/milantram/5454522921/ - broken link) by milantram (http://www.flickr.com/people/milantram/ - broken link), on Flickr
METRO-NORTH--9111 passing Harrison IB (http://www.flickr.com/photos/milantram/5455134884/ - broken link) by milantram (http://www.flickr.com/people/milantram/ - broken link), on Flickr
Sacramento Northern's electric trains alternated between third-rail and overhead (generally simple trolley wire rather than compound catenary), using overhead wire for safety within Sacramento Valley cities and towns, and third rail between them. The third rail in question was unprotected, over-running third rail, which led indirectly to the banning of exposed third rail (except within protected right-of-way) in California: in 1946, a child in Rio Linda, CA, was electrocuted stepping on the 600-volt third rail.
The third rail was the legacy of SN's original owners, who under the name "Northern Electric" were big advocates of third rail. South of Sacramento, the other SN predecessor line, the Oakland Antioch & Eastern, used compound catenary overhead at 1200 volts and very high-quality track for their high-speed runs from Sacramento to Oakland. Differences in voltage and power pickup meant that trains had to switch over in Sacramento--some could use both methods and adjust voltages by switching resistor banks and adding or removing third-rail shoes, while others could only be used as trailers on the South End.
Catenary offers less danger of casual contact as well as less chance of being fouled by snow. Electrified freight railroads are about exclusively overhead.
There's pretty much zero chance of being fouled by snow in the Sacramento Valley, so it wasn't much of a worry here. SN was a freight railroad in addition to passenger service, and its freight motors were outfitted for third-rail shoes. So was its neighbor Central California Traction, although they used under-running third rail rather than over-running, a little less risk of electrocution, and they gave up long-distance passenger service in 1933, thirteen years before they gave up electric motive power.
There's really no one size fits all; a metro area looking at expanding or creating a new transit/commuter route will have their own unique circumstances that may sway the decision one way or the other. Third rail may be a cheaper , more efficient option , but considerations like trespasser contact, snow, and road crossings may cause catenary to be the better option.
Well, the Main Line / Port Jeff Line of the LIRR is grade separated to Hicksville. The southern line (Babylon branch) is grade separated to the end of electrification at Babylon. The main line is elevated much of the way (though I think around New Hyde Park it's at grade) or on an embankment while the Babylon branch is elevated. The stretch from Hicksville to Ronkohoma is probably at grade. Don't know about the other side branches.
Chicago Transit Authority is now exclusively third rail. Here is a video of the last line to use catenary.
CTA Yellow Line third rail - pantograph switchover - YouTube
I am not sure how they keep snow from fouling the third rail. Also the line shown the "Skokie Swift" has numerous grade crossings.
The last time I was in Boston I noticed overhead wire in the subway, unusual because of tight clearances.
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