Words in [single square brackets] included hyperlinks in the original document
Words in [[double square brackets]] are editorial additions or corrections
Words in [[[triple square brackets]]] indicate embedded images or graphics in the original document. (These are not usually archived unless they contain significant additional information.)
date 8 November 2019 source Transport for London type Stock Exchange announcement
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
Railnews Archive ::: 2019-11-08 TfL-001
related documents
2003-12-08 Eurostar to carry Ryanair passengers (Eurostar)
2003-11-18 Eurostar carries one millionth passenger (Eurostar)
2003-11-05 Eurostar to run more peak services and faster trains between London and Brussels (Eurostar)
2003-09-27 Speech by Guillaume Pepy (excerpt). Paris, 27 September 2003 (Personal statement)
2003-09-16 Prime Minister opens first section of Channel Tunnel Rail Link (Eurostar)
2003-07-30 208.0 mph / 334.7 km/h - Eurostar breaks UK high speed record (Eurostar)
2003-12-08 Eurostar to carry Ryanair passengers (Eurostar)