24 April 2023                                                                                       

 Bazalgette Finance plc 

TIDEWAY OPERATIONAL UPDATE TO INVESTORS

Tideway, the company building London's new super sewer, has released an update on progress and a revision to its cost estimate as construction work nears 90% complete.

At the close of financial year 2022/23, during which tunnelling works were completed, the company confirms that sewage overflows will start to be diverted away from the Thames into the new 25km sewer tunnel in 2024. This will mark a major milestone for the project - the new infrastructure will start to protect the Thames from sewage pollution for the first time.

The project remains on course to be fully operational in 2025 with the 'handover' date likely to be in the second half of that year.

The company has updated its cost estimate to take account of the remaining work programme and the impacts of inflation to £4.5bn, reflecting an increase of c.2% since its last report. The estimated impact on water bills remains within the original cost projection range set in 2015.

When fully operational in 2025 the new infrastructure will capture 95 per cent of overflows from London's sewerage network, dramatically improving the water quality of the Thames and delivering significant environmental benefits.

Tideway's annual report will be published in September 2023.

For further information, please contact:

[email protected]

[email protected]

Taylor Geall  

07813 450 682

Bazalgette Finance plc

Cottons Centre

Cottons Lane

London

SE1 2QG