The Areva-Siemens consortium constructing the Olkiluoto 3 nuclear power plant in Finland has updated its arbitration claim against Finnish utility Teollisuuden Voima Oyj (TVO) to €3.5 billion. The revision to the consortium's claim covers "additional work, disruption and prolongation of the project" during the construction period up to June 2011 and is the latest step in International Chamber of Commerce (ICC) arbitration proceedings which began in 2008. The consortium's claim, revised in late 2013, previously stood at €2.7 billion.
TVO senior vice president in charge of legal affairs Risto Siilos said that the supplier remained responsible for the delay and the ensuing costs.
Recently, TVO increased its estimate of its own costs and losses in relation to the arbitration claim to €2.3 billion up to the end of 2018, the latest expected date for the reactor to begin supplying electricity. The Areva-Siemens consortium maintains that TVO's allegations are "unfounded."
The Areva-Siemens consortium began construction of Olkiluoto 3 in 2005 under a turn-key contract signed with TVO in late 2003. Completion of the 1600 MWe reactor was originally scheduled for 2009, but the project has suffered various delays and setbacks.
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