Tideway has revealed a cost hike of £280M to build “London’s super sewer”.
The 8% cost increase was announced in a progress update released by Tideway.
In the update, Tideway confirmed that it had revised its cost estimate following the completion of the “first and most unpredictable phase of the project”.
Tideway’s revised estimate for the cost of completing the project is now £3.8bn, up from the projected £3.52bn cost set in 2014.
“There will be no change to the estimated £20-25 annual cost for Thames Water bill-payers, as costs remain well within the original projection for customer charges,” Tideway also revealed in its update.
Tideway chief executive Andy Mitchell said: “To build the super sewer we are working in an unforgiving tidal river in the centre of one of the busiest cities in the world. We have got train lines and bridges above our heads, and the tube and utility pipes below our feet.
“As we approach the half way point of construction, the time is right to update our cost estimate. The most important thing to say is that there will be no impact on the estimated cost to Thames Water bill payers and to recognise that our teams have done a great job in getting us this far and keeping us on schedule.”
In its update, Tideway also confirmed that it had already raised enough money to complete the super sewer project and that its latest cost revision did not mean that it would require any further funding.
Having now completed 40% of the construction work on the project, Tideway has claimed it is still on track to deliver it fully in 2024.
Construction on the Tideway project is being carried out to improve water quality in the River Thames by relieving pressure on London’s aging sewer system.
Tideway has also claimed that the project will bring thousands of jobs, a rejuvenated river economy and completely new areas of public space.
Last year, Tideway’s chief executive Andy Mitchell also spoke to New Civil Engineer about the project and why it is pushing boundaries in the construction industry.
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