Helsingin Sanomat reported: The Finnish nuclear power company Teollisuuden Voima (TVO) is seeking damages of EUR 2,400 million from the consortium of Areva and Siemens for delays in the construction of Finland’s fifth nuclear reactor in Olkiluoto.
Areva and Siemens reported some time ago that the nuclear reactor project would be completed 38 months behind schedule, in 2012. According to the contract signed with TVO, the reactor was to have been ready for commissioning in 2009.
TVO signed an agreement for the third Olkiluoto plant in December 2003. The price of the reactor was in excess of EUR 3 billion, making it among Finland’s largest-ever individual industrial investments.
According to the Siemens statement: “Since the reasons for the delay are disputed by the parties, the supplier consortium filed a request for arbitration in December 2008 against TVO demanding an extension of time for construction and approximately EUR 1 billion for outstanding payments and additional compensation.”
“TVO has not yet filed its response to the request for arbitration, but has alleged in pre-arbitral correspondence that it is entitled to delay damages from the supplier consortium of approximately EUR 2.4 billion.”
The contract for the 1600 MW European Pressurized water Reactor (EPR) at Olkiluoto, the first of a new breed of nuclear plants, was made at a fixed price.
– from climateprogress, washingtonmonthly