On 8 April 2021 and 13 December 2021 we consulted on proposed amendments to the conditions that attach to the project licence of Bazalgette Tunnel Limited (Tideway). Initially, the amendments were solely to deal with the impact of Covid on Tideway. Subsequently, we agreed to also amend the way a financing mechanism in the project licence works (the Financing Cost Adjustment Mechanism (FCAM)). We received two responses to the first consultation and one response to the second consultation. Having considered the responses we have now made the amendments. The purpose of this document is to set out our reasons for doing so.