TIDM40CT

RNS Number : 8223W

Transport For London

21 August 2020

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.

Transport for London (TfL)

21 August 2020

Crossrail opening timetable and cost forecast update

On 23 July 2020 Transport for London ("TfL") announced t hat following the Crossrail Limited ("CRL") Board meeting held earlier that day, CRL had advised that the opening of the central section of the Elizabeth line would not occur during summer 2021 and that the cost to complete the Crossrail project was expected to be higher than previously announced on 8 November 2019.

CRL has continued to work on a plan to drive the Crossrail project to completion and, although some details are still to be finalised, has provided an initial proposal to its sponsors (TfL and the Department for Transport ("DfT") ) that indicates the central section of the Elizabeth line opening during the first half of 2022. CRL's proposal is not a confirmed opening window and remains subject to review and validation by TfL and DfT as sponsors of the Crossrail project.

The current GBP2.15bn financing package for the Crossrail project was agreed between the DfT, the Greater London Authority and TfL in December 2018 (the "Financing Package"). CRL has continued to assess the potential range of costs associated with the proposed opening window and the CRL Board has advised that, based on its latest proposal, the cost to complete the Crossrail project is currently expected to be up to GBP1.1bn above the Financing Package. CRL will continue to review the cost schedule and update its sponsors as appropriate.

TfL and DfT are in discussion regarding how funding of the additional costs will be resolved, while the Financing Package remains in place. The delay in the opening of the Elizabeth line will have a negative impact on TfL's revenues. These are as yet unquantified but will be considered as part of TfL's wider financial planning activities.

TfL also remains in constructive discussions with Government about how the impact of the COVID-19 virus on TfL's finances will be managed.

For further information, please contact:

Transport for London

5 Endeavour Square

London E20 1JN

Email: GroupTreasury@tfl.gov.uk

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