Monday 10 August 2020

 

< back | business | images | knowledge | library | rail unveiled | home

archive

::: Rail Live falls victim to coronavirus



Railhub Archive
2019-11-08 TfL-001
Transport for London

0

Crossrail opening and cost forecast update


keywords: click to search


costs
Crossrail
delays



Phrases in [single square brackets] are hyperlinks in the original document

Phrases in [[double square brackets]] are editorial additions or corrections

Phrases in [[[triple square brackets]]] indicate embedded images or graphics in the original document. (These are not usually archived unless they contain significant additional information.)


Transport for London

Crossrail opening and cost forecast update
_______________________________________________________________


related documents


2019-11-08 Crossrail opening and cost forecast update (Transport for London)

2014-03-27 DfT and TfL extend Crossrail route to Reading (Crossrail)

2012-11-12 Crossrail awards signalling system contract (Crossrail)

_______________________________________________________________


date
8 November 2019
source Transport for London
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





Monday
10




Not logged on
Visitor










77 stories



3 collections





1 document



1 document