The Bunhill Waste Heat Recovery (WHR) System is a first of its kind scheme that will recover waste energy from a ventilation shaft of the London Underground (LU) network. The system is based upon the installation of a heat recovery heat exchanger that consists of cooling coils and a reversible fan. The coils are connected to a heat pump that supplies low carbon thermal energy to the Bunhill Heat Network in the London Borough of Islington. One particularly important aspect of the Bunhill WHR system is its ability to operate in a way that not only provides heating to the local heat network, but can also simultaneously supply cooled air to the LU tunnels depending on the operation of the reversible fan. The current paper provides an analysis of the heating and cooling duties and their associated cost and carbon savings against conventional technologies based upon a mathematical model of the WHR system. The model is able to predict the condition of the coil surface according to air inlet parameters, and this is used to calculate the latent and sensible cooling loads, which are applied to simulate how the system impacts the local tunnel environment, with peak temperature reductions of up to 7.2 °C being estimated for adjacent stations in 2030. The results from these analyses are reported, together with recommendations for further development and future deployment of heat recovery from metro systems