The cost of the Electrification Project that is being implemented by US-based commuter rail service Caltrain has jumped to $2.44bn from $1.98bn due to a settlement with contractor Balfour Beatty.

Cost overruns for this project now stand at $462m, which is $129m more than the $333m estimate calculated by the Federal Transit Administration earlier this year.

Initiated in 2017, the project is on track to be finished by 2024.

As part of the settlement with Balfour Beatty, commercial problems and extra expenses emerging from the extension of the project to 2024 have been resolved.

To bridge the funding gap, Caltrain will work with its funding partners and its federal and state legislative delegations.

Caltrain has so far obtained an extra $52.4m from the federal government.

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It can also avail $150m in financing credit, along with $60m in Measure RR capital reserve.

The civil work in connection with the project is almost complete and around 95% of the foundations have been placed, with only 59 remaining.

All ten traction power facilities will be finished by early 2022, and the complete overhead catenary system is expected to be deployed by summer next year.

Under the upcoming phase of project construction, work on signal and system integration will be executed.

Additionally, an electric locomotive will trial the new catenary system next year, with the new electric fleet to commence services in spring 2022.

Caltrain Electrification is being fulfilled under the Caltrain Modernization (CalMod) Program.

It involves the electrification of the corridor from San Francisco’s 4th and King Caltrain Station to the Tamien Caltrain Station.

The project aims to cut down noise, enhance regional air quality, and minimise greenhouse gas emissions.

In 2018, Caltrain announced plans to procure electric multiple units (EMUs) from Stadler.