Companies update claims over Finnish nuclear project delays

Claims increased over delays at Olkiluoto 3 nuclear project

The Areva-Siemens consortium and Finnish utility Teollisuuden Voima Ovj (TVO) have both increased their claims over delays at the 1,600-MW Olkiluoto 3 nuclear project in Finland.

Both groups updated their claims at the end of July during ongoing arbitration with the International Chamber of Commerce over ongoing construction delays of the European Pressurized Reactor (EPR) at Olkiluoto 3. TVO says its updated figures of costs and losses is approximately EUR 2.6 billion ($2.8 billion) until December 2018, which is the scheduled operations start date.

Areva-Siemens said their updated claims equaled EUR 3.4 billion ($3.7 billion), covering events that occurred during construction until the end of June 2011. The sum includes penalty interest calculated until July 31, 2015, and payments allegedly delayed by TVO under the contract totaling EUR 1.4 billion ($1.5 billion), as well as EUR 140 million ($153 million) in alleged loss of profit.

Areva-Siemens started arbitration proceedings in December 2008 after the plant experienced numerous delays and cost overruns.

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