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.

Subscribe to Nuclear Power International magazine

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...