Ofwat has issued further information on the funding package for the Tideway Tunnel in response to a request for information received under the Environmental Information Regulations.
The update clarifies the Annual Base Case Forecasts which were left blank in the consultation version of the project licence published as part of Ofwat's consultation on the award of a project licence and issue of a waiver notice launched on 17 July 2015.
The Original Base Case Forecast is a defined term in the project licence which means “at any time, the sum of the Annual Base Case Forecasts at that time.”
Ofwat said it now estimates the sum of the Annual Base Case Forecasts to be £3.144 billion in 2014-15 prices. This relates to the infrastructure provider’s estimated costs.
The Threshold Outturn will be a fixed number set out in the project licence. If the Threshold Outturn is reached, the infrastructure provider can ask Government to invest in the project as the shareholders of the infrastructure provider are only obliged to fund the project up to the Threshold Outturn. The Threshold Outturn will be calculated based on the Original Base Case Forecast at licence award plus 30%.
The deadline for responding to the consultation is 14 August 2015.
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