The consortium of Areva and Siemens has updated its compensation claim against Finnish power utility Teollisuuden Voima Oyj (TVO) over the construction of the Olkiluoto-3 nuclear power project in Finland.
The consortium has increased its claim from €3.4bn (July 2015) to €3.52bn, including penalty interest (calculated to the end of June 2016) and payments allegedly delayed by TVO under the plant contract totalling about €1.45bn, as well as some €135m in alleged loss of profit.
In August 2015, TVO raised its claims from €2.3bn to €2.6bn until December 2018, the expected commissioning date for the 1.6 GW project according to the schedule submitted by the plant supplier.
The reactor vessel was installed on the site of the EPR in October 2013. The 1,600 MW project, developed by Finnish utility TVO, has been under construction since 2005 and was expected to be commissioned in 2009. The project has been delayed to 2014 and then to 2018 and its cost has doubled from €3bn to about €6.5bn.
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