Was the Channel tunnel a failure?

Given the enormous design changes, this was a remarkable achievement – but only possible because construction and design were undertaken in parallel. This was effective in terms of avoiding delay, but a disaster in terms of escalating overall costs because of the abortive work involved.



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Soon after the start of operations, Eurotunnel reached a delicate financial situation which resulted from the escalation of construction costs, a large overestimation of the cross-Channel market and the underestimation of the cross-Channel ferry operators' competitive response which led to a very damaging price war.

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The Channel Tunnel project (the Chunnel) to connect the UK and France was the largest privately financed transport megaproject of the 20th century. Despite nearly 25 years of successful operation and growing profitability, the Chunnel is frequently portrayed as a failure.

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On 11 September 2008, a France-bound Eurotunnel Shuttle train carrying heavy goods vehicles (HGVs) and their drivers caught fire while travelling through the Channel Tunnel.

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The tunnel is actually designed to leak. As Eurotunnel explain on their website, 'seawater from the rocks above the tunnel drips through and is then pumped away.

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Eurotunnel is now highly profitable, after a difficult start when it was held down by massive debts from the tunnel construction. Debt restructuring in 2007 reversed the company's fortunes — at the expense of thousands of small shareholders who saw their holdings slashed in value.

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The group has debts of more than £6 billion and media reports suggest directors are keen on offering a debt-for-equity swap for as much as £2bn of the debt, UK national newspapers reported this week.

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The tunnel is owned and operated by the company Getlink, formerly Groupe Eurotunnel. The tunnel carries high-speed Eurostar passenger trains, LeShuttle services for road vehicles and freight trains.

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At €1.049 billion, Eurotunnel revenue saw an increase of 63% at a constant exchange rate, a level never before seen for this business. Revenue from the Shuttle business increased by 53% to €732 million compared to 2021, in a context marked by the return of tourist traffic, thus confirming people's appetite for travel.

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It is not possible to drive through the Channel Tunnel or Eurotunnel. You must drive onto the Eurotunnel Le Shuttle train, which boards at the Channel Tunnel terminals in Folkestone and Calais in order to use the service.

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The Channel Tunnel train operator will stop running the service on June 23 2023, just ahead of the summer holidays when tens of thousands of British families head to the theme park. Eurostar said the economic circumstances, partly due to the pandemic and Brexit, meant the route had to be reviewed.

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The accounts - for the year to Dec 31, 2021 - reveal the company racked up pre-tax losses of £305m as Covid continued to hamper travel. A spokesman for Eurostar said: “The business has continued to grow and rebuild throughout 2022.”

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It is 50.5km long and comprises an undersea section of 38km, still the longest in the world.

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The project was financed entirely by private sector capital, including five banks who were part of the TransManche Link consortium. Financing originated partly from investment by shareholders and partly from GBP8 billion of debt (about USD12. 2 billion, 1994 prices).

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Taking the ferry can also be a better option if you're travelling as a larger group since you can all meet up in the ferry's bar or restaurant. However, if your idea of fun is getting to France as quickly as possible, you might favour the Tunnel.

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Can you go to the toilet in the Eurotunnel? Unfortunately, we are unable to guarantee access to toilet facilities on the shuttles.

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Hazardous Articles include but are not limited to fireworks, firearms, explosives and weapons of any kind. 3.1 The Carriage of Hazardous Articles is subject to prohibitions and restrictions. 3.1. 2 Firearms: the Carriage of Firearms is RESTRICTED.

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