I think to be precise the boundary is just south of Queen St station (I'm guessing beyond the junction for the Bay line, as that is also in Welsh Govt ownership?)The map below shows the area in south east Wales that will be marketed by TfW as the 'Metro'.
Welsh Govt have taken ownership of all of the lines north of Queen St to the heads of the Valleys, and from Ninian Park to Radyr (the City line), and the Cardiff Bay line, and these are the lines that will be upgraded and get discontinuous electrification.
