I think that is a bit on the high side for track kilometres. £1.5M is more the cost of route kilometre. Government authorised GWML electrification only if costs were no more than £750k per track mile. That is why the high output train was ordered to bring cost down.
The last electrification authorisation for which there is a specific figure is Lostock Jn-Wigan NW, announced by DfT as costing £37m.
This is 7 miles of simple double track, or about 22 single track km.
So that's about £1.7m per stkm, using a mobilised team with existing construction kit and standard Series 2 components.
I imagine there is no need for expensive power supplies, as they will be tapping into existing WCML/NW electrical infrastructure.
There are no resignalling or terminal complications to reach Wigan NW.
The Windermere branch is costed at £16m for 10 miles (16stkm) of single track, again with no complications.
So £1.0m per stkm for that.
Edit: Another guideline cost is the £12m for the "cheap, quick" electrification of the 5 miles (8km) of the Paisley Canal single track line.
So bang on £1.5m per stkm (and no complications/extra power supplies).
HOPS isn't any good for short branch lines like the Valleys.
Normal construction kit is being used on GW branch lines (including Didcot-Oxford and Reading-Newbury).
If they don't buy one for MML then other routes won't justify it either.
But it does beg the question as what the GW HOPS is going to do after it has finished wiring the GW in 2017.