Quite. If Oxford station is to get major redevelopment in future, there's not much point in putting up the wires right now. There's some work ongoing for the new Chiltern service to Marylebone (which is supposed to be starting next month) but the major redevelopment which has been proposed has not even got funding yet.
There are three phases to the Oxford corridor enhancement programme.
Phase 0 is for Chiltern and just about complete (save for an almighty rush to get the two new bay platforms ready for 6-car trains in December).
Phase 1 delivers significant extra capacity in the form of increased speeds, new crossovers, rebuilt carriage sidings at Oxford (on both sides of the track) and new mostly 4-aspect signalling together with bi-directional running between Didcot and Tackley - which will mean the closure of Oxford
PSB▸ . Work on that has already started, with the down sidings being remodelled during this month, new 40mph crossovers installed at Tackley and locations for the new signalling marked on the sleepers between Didcot and Oxford. Completion date is as far as I know scheduled for 2018, though the Oxford PSB closure has been postponed many times now.
Phase 2 then builds on that with a couple of extra crossovers and signalling routes, together with an additional bi-directional Platform 5 behind what is now Platform 4.
Assuming Phase 1 is unaffected by this announcement, then I reckon it delivers approximately 80% of the benefits of the completed Phase 2 and electrification, so I would be very disappointed if today's announcement were to curtail or delay it in any way. Phase 1 will deliver the infrastructure for
IEP▸ 's (on diesel) and not having electrification would only then mean the 387s can't go beyond Didcot which we were expecting to be the case until 2019 anyway.
Any reliance on funding and delivery of the new station
before electrification would be a huge risk in my opinion and I could easily see it being 10+ years before the station is rebuilt, however I think there would be little affect on the infrastructure as the new station would in all likelihood be build as a transfer deck above the predicted Phase 1 and 2 track layouts. Indeed I would have thought electrification could proceed and need little modification for a completed Phase 1 scheme with Phase 2 and the new station following on at a later date.
I guess we just have to wait and see exactly what 'deferred' means in terms of timescales, but as long as Phase 1 isn't delayed as well, the impact on services and journey times will be fairly minimal.