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Areva-Siemens raises claim to $4.4bn over Finnish reactor delays

Staff writer ▼ | October 25, 2014
Areva-Siemens consortium, the supplier of Finland's delayed Olkiluoto-3 nuclear reactor, has increased its claim against Finnish utility Teollisuuden Voima (TVO), TVO said.
Olkiluoto-3
Who is to blame?   A Finnish nuclear reactor is doomed
TVO and Areva have traded accusations about who is to blame for delays and extra costs, and the International Chamber of Commerce's (ICC) arbitration court is processing a dispute on cost overruns between the two sides.

Areva-Siemens in September said the start date of the reactor, which is planned to be Finland's fifth and biggest nuclear unit, will be pushed back to late 2018, almost ten years later than originally planned.

TVO said Areva-Siemens raised its claim against it to 3.5 billion euros ($4.4 billion) from the previous 2.6 billion euros at the ICC arbitration.

TVO, whose owners include Finnish paper companies UPM and Stora Enso as well as utility Fortum, raised its own claim to 2.3 billion euros from an earlier 1.8 billion euros.


 

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