27 Oct (NucNet): The Areva-Siemens consortium building the Olkiluoto-3 EPR nuclear reactor for Teollisuuden Voima Oyj (TVO) in Finland has raised its arbitration claim against the Finnish utility from €2.6 billion to €3.5 billion, a statement said.
The statement said Areva-Siemens is claiming approximately €3.5 billion for “additional work, disruption and prolongation of the project”.
Earlier this month TVO said its costs and losses from delays in building the reactor will be around €2.3 billion. TVO submitted its own update of estimated costs to the arbitration proceedings at the International Chamber of Commerce, where it has filed a counter claim for damages against Areva-Siemens.
According to TVO, its updated claim of €2.3 billion is based on estimated costs and losses up to the end of 2018, which is when commercial operation is scheduled to start at Olkiluoto-3, around nine years later than originally planned.
In its statement today Areva said Areva-Siemens and its counsel still consider TVO’s allegations on delays and costs to be unfounded. Areva said the arbitration proceedings, which began in 2008, may continue for several years.
Areva said the project is progressing in accordance with an updated time schedule delivered to TVO in August 2014.
Since construction began in 2005, the Olkiluoto-3 project has suffered various delays which have seen its projected startup date put back several times from the original 2009 target. The Areva-Siemens consortium told TVO in September 2014 that its latest schedule foresees the completion of construction and start of commissioning of the unit in mid-2016, with commercial operation in 2018.
