Interesting story linked from the BBC website that is relevant to this thread. Any proof on its veracity?
http://www.walesonline.co.uk/news/w...de-than-wales-electrification-91466-31048014/
Nobody knows because cost-benefit analyses are never published.
They just talk about "value for money" and "affordability".
The whole GW electrification is an act of faith by HMG (both present and former), driven as much by green policy as transport.
Once Crossrail was approved it got the wires to Maidenhead and it was probably a no-brainer to extend to Oxford/Newbury for suburban trains.
Extending to Bristol/Cardiff is the big one, against other voices which said the Midland had a better business case (Bedford-Sheffield).
For the Valleys, how do you weigh up local electrification there against, say West Midlands or South Yorkshire?
Who gets the cascaded DMUs from an electrified Valleys scheme? Where do the EMUs come from?
Somebody has to draw a line for CP5 spend, or the Treasury will simply say no.
Given the DfT is set against Cardiff-Swansea (partly for IEP reasons), it is only logical to limit the Valleys scheme to the Queen Street lines.
Once you have wires up around Cardiff and an EMU train fleet it will be easier to extend later.
The GW franchise ITT may invite the bidders to offer infrastructure enhancements over and above the core DfT plan (eg Thames Valley branches and possibly more wires around Bristol and in South Wales).
And finally, Network Rail have yet to demonstrate their ability to deliver major electrification schemes on time and cost.
Every scheme involves a lot of engineering planning (resignalling, power supplies, structures etc). It just can't be rushed.
They are probably overwhelmed by all the the recent approvals. Come back in 5 years for a more accurate quote for CP6 (2019-24).
It will take that long for the wires to reach Merthyr/Rhymney etc in any case.
Just my 2p.