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Railhub Archive
2019-11-08 TfL-001
Transport for London0
Crossrail opening and cost forecast update
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   Crossrail opening and cost forecast update
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 type Stock Exchange announcement
note RNS Number : 7803S
Crossrail Limited ("CRL") advised TfL that there are some projected delays in the opening of the Elizabeth line and it is likely that additional funding would be required to cover the higher levels of risk contingency.
On 10 December 2018, TfL announced a financing package provided by the Department for Transport, the Greater London Authority and TfL to support the final stages of the Crossrail project and open the Elizabeth line to passengers (the "Financing Package").
On 18 September 2019, TfL announced a range of risk contingency provisions contained in CRL's cost forecasts, reflecting project uncertainties. The latest projections now show a central cost forecast (including risk contingency) of approximately £15,363m, which is £400m more than the funding committed under the Financing Package. Further modelling scenarios consider even higher levels of risk of £650m more than the funding committed under the Financing Package.
TfL has agreed with the Department for Transport ("DfT") that the Financing Package will remain in place. TfL and DfT are in discussion regarding how funding of these additional costs will be resolved.
TfL has been advised by CRL that their latest assessment is that the opening of the central section will not occur in 2020 which was the first part of the previously declared opening window. The Elizabeth line will open as soon as practically possible in 2021. A more comprehensive update is expected early in 2020. In the meantime, any potential financial impacts to TfL's passenger revenues will be considered in TfL's 2019 update to its Business Plan.
TfL continues to keep the Mayor of London and TfL Board regularly updated.
For further information, please contact:
Transport for London
55 Broadway
London SW1H 0BD
Email: GroupTreasury@tfl.gov.uk
Railhub Archive ::: 2019-11-08 TfL-001
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