TVO may cut jobs due to delayed nuclear reactor, low power prices

TVO job losses Olkiluoto 3 4 Areva-Siemens nuclear reactor construction

Finnish nuclear utility Teollisuuden Voima (TVO) said it may cut up to 110 jobs, or 13 percent of its staff, due to decreased power prices and increased construction costs from a delayed nuclear project.

The planned 1,600-MW Olkiluoto 3 nuclear project has been delayed until late 2018, nine years later than originally planned. The delayed project has also affected TVO’s plans to build a fourth reactor at the site, and the government recently rejected TVO’s application to extend the permit, according to Reuters.

TVO and consortium Areva-Siemens have gone back and forth about who is to blame for the delays at Olkiluoto 3. Areva-Siemens filed a claim of approximately $4.4 billion due to additional work, disruption and prolongation of the project. TVO filed a counterclaim in October.

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