Balfour Beatty joint venture secures £1.3bn Hong Kong airport deal, UK construction sector slashes more jobs despite post-lockdown boom. In the words of the Consumer Council for Water in 2011: We have also issued Bazalgette Tunnel Limited with a Waiver Notice that dis-applies the procurement regime in the Water Industry (Specified Infrastructure Projects) (English Undertakers) Regulations 2013  (SIP Regulations) in respect of certain contracts and for certain categories of contracts. The first was in October 2014 and it was on the draft project licence and on other regulatory documents relevant for the IP. The model, which has so far been used in the privatised utility sector, sees private investors buy stakes in long-term infrastructure projects and provides protection to financers by regularly reviewing pricing. We have taken into account all comments received and have now issued the following documents in final form. (via Getty Images) The construction of the Thames Tideway “super sewer” is now expected to cost £233m more as a result of coronavirus, with the mega-project now not … Information on how to contact us by phone, email or by post. With the first and most unpredictable phase of the project now complete, the Company’s revised estimate is £3.8bn compared to £3.52bn (£3.14bn in 2014 prices) which represents an eight per cent increase. The budget for the scheme steadily increased since it was first estimated. In 2017, Construction News spoke with Tideway head of stakeholder engagement Geoff Loader about the plans for the project. For example, the budget in 2004 was estimated at £1.7bn, which included the East Ham to Stratford part and sewage treatment works upgrade costs. Read more: Balfour Beatty joint venture secures £1.3bn Hong Kong airport deal. Mr Mitchell said the increase would have “no impact on the estimated cost to Thames Water bill payers”, which currently stands at £20-£25 per annum. West section Joint venture of BAM Nuttall , Morgan Sindall and Balfour Beatty Group Every day, we get closer to our aim of giving London a cleaner river.”. Five years since the project was given the green light Tideway is now updating its estimate of overall costs based on work left to do. When the tunnel is finished, Tideway will pass control of the asset to Thames Water, whose customers are funding its construction. The project is funded through the regulated asset-base model, which has been cited as a possible replacement for PFI on major projects. An Ofwat spokesperson said: “When the lockdown came, Tideway acted to find a pragmatic balance between protecting water customers, while safeguarding workers and the wider community. In a statement, it said that it was working with Ofwat on a “package of measures” to mitigate the impact of the coronavirus on the project’s finances. The scheme, which is being built by a joint venture consisting of Balfour Beatty, Bam Nuttall and Morgan Sindall, is now 40 per cent complete and, despite the cost increase of 8 per cent, is still on track to be finished by 2024, according to a statement from Tideway. 05 Apr 2019 Construction work began again in May, the firm said, albeit at a lower level of activity, meaning that Tideway will now be completed nine months later than had originally been anticipated. If exceptional events cause planned costs to be exceeded, it is the role of water regulator Ofwat to step in to ensure that investors are protected. Tideway CEO Andy Mitchell said: “As we approach the halfway point of construction, the time is right to update our cost estimate.”. Thames Tideway tunnel reports £280m cost hike Tideway has revealed that the Thames Tideway Tunnel “super sewer” is now estimated to cost £3.8bn, up from the 2014 estimate of £3.52bn. As a result of the increased cost, Thames Water customers may face slightly higher water bills, the Telegraph first reported. £1.1 billion of the Thames Tideway Tunnel's construction cost is being funded directly by Thames Water. Before the Open newsletter: Start your day with the City View podcast and key market data. Our latest press releases and information bulletins. The project faced difficulties at the end of last year due to Victorian gas-mains diversions at Blackfriars, which added more cost to the initial estimate. Home > Regulated companies > Markets > Direct procurement > Thames Tideway. Consumers will fund the construction of the Thames Tideway tunnel from its initial stages through their water bills. The cost of the project is being paid for by Thames Water’s 15 million wastewater customers through their bills. The Thames Tideway project is now estimated to cost £3.8bn as opposed to the previous estimate of £3.52bn. View the full waiver notice and reasons for granting. A spokesperson for the project said that any rise in the cost to consumers would remain within the previous estimate. Follow us for breaking news and latest updates: This field is for validation purposes and should be left unchanged. In October 2016 Tideway applied for a waiver in respect of two software contracts. Full agreement on these steps is expected to be reached in the coming months, it said. Mr Mitchell continued: “Our teams have done a great job in getting us this far and keeping us on schedule. It is intended to improve the capacity of London’s sewerage system and reduce the number sewage overflows into the River Thames. Mr Loader stated at the time that the project was estimated to cost £4.2bn, which included £1.1bn of preliminary work not included in the current cost estimate. 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