Both TVO and the AREVA-Siemens consortium have updated their estimates of costs and losses caused by the delay to the Olkiluoto 3 nuclear power plant project as part of their recent submissions in the International Chamber of Commerce (ICC) arbitration proceedings.
Both TVO and the AREVA-Siemens consortium have updated their estimates of costs and losses caused by the delay to the Olkiluoto 3 nuclear power plant project as part of their recent submissions in the International Chamber of Commerce (ICC) arbitration proceedings.
The AREVA-Siemens consortium is now claiming €3.5 billion ($4.4 billion) against Finnish utility TVO arising from "additional work, disruption and prolongation of the project," up to June 2011.
TVO’s latest estimate of its costs and losses related to its claim in the arbitration proceedings is approximately €2.3 billion until the end of 2018. That estimate, TVO says, is based on the estimated start date of regular electricity production of OL3 according to the schedule submitted by the plant supplier in September.
AREVA-Siemens said that the project is currently progressing in accordance with that updated time schedule.
TVO continues to blame the plant supplier for the delay."The plant supplier committed to deliver the nuclear power plant unit by an agreed date according to the contract and the supplier is responsible for the delay and the ensuing costs," said Risto Siilos, SVP in charge of legal affairs at TVO.
The AREVA-Siemens consortium initiated the arbitration proceedings in December 2008. They may continue for several years, and the amounts claimed may be updated again.
Photo: OL3 (Source TVO)