A survey of PFI projects was conducted in order to collect key data needed to answer the questions which had been identified as a result of the issue analysis. The PUK database of PFI projects was used as the source information from which to select our samples. The projects selected for the survey were:
■ All projects which PUK had identified as refinanced;
■ All major projects (with a capital value greater than £50 million) that reached financial close before October 2002 and consequently were covered by the Code sharing arrangements;
■ Small projects (with a capital value less than £50 million) that reached financial close prior to October 2002 sampled to ensure that projects of key shareholders (with an interest in more than one project) were included in the survey; and
■ The ten largest projects to reach financial close after July 2002 and which consequently were subject to the new 50/50 sharing guidance.
In total, our survey covered 123 projects out of approximately 700 PFI contracts that had been let as of December 2004. The survey sample was biased towards those projects which were most likely to have experienced refinancing activity. The survey responses were then analysed and follow up interviews with project teams conducted where necessary. Details of the responses to the survey are set out in Appendix 9.