28 Mar (NucNet): An agreement between Finnish utility Teollisuuden Voima Oyj (TVO) and the companies supplying the Olkiluoto-3 EPR unit in Finland entered into force today, TVO said.
The agreement, which was signed on 11 March 2018, settles arbitration with the International Chamber of Commerce concerning costs and losses caused by delays to the Olkiluoto-3 project.
TVO said at the time of the signing that the agreement was subject to “certain conditions” that were expected to be met during March 2018.
TVO will receive compensation of €450m to be paid in two instalments. TVO said earlier it expected to receive the first payment of €328m in March 2018 “once the settlement agreement has become effective”.
The second instalment of €122m is expected upon completion of OLkiluoto-3 or on 31 December 2019 at the latest.
The Olkiluoto-3 EPR supplier consortium companies are Areva NP, Areva GmbH and Siemens AG, and Areva Group parent company Areva SA, which is wholly owned by the French state.
Earlier this year Areva was renamed Orano after it was split in two and recapitalised in 2017 after years of losses. Orano’s activities include uranium mining, conversion and enrichment, used fuel recycling, nuclear logistics, decommissioning and engineering. The group’s nuclear reactor business was sold to EDF, Mitsubishi Heavy Industries and Assystem, and renamed Framatome
Details online: http://bit.ly/2GhYZBl
