Areva plans to complete works at the Olkiluoto-3 nuclear power plant in Finland in late 2014 and denies any further delay.
In July 2012, TVO had announced that the EPR would start operations in 2015 at the earliest. Mechanical installations of all major components of the reactor plant have been completed, and major part of the piping installations has been carried out. Preparations for the commissioning of the plant unit are proceeding. But, according to TVO, planning, documentation and licensing of the reactor plant automation are not yet completed and have not progressed according to the supplier's schedules.
TVO and the Areva-Siemens consortium are blaming each other for the delays. Last July, the International Court of Arbitration of the International Chamber of Commerce ruled that TVO must release €100m to the consortium that was withheld in contravention of contractual provisions. The €125m total factors in accrued interest and legal expenses incurred by the consortium.
OL3 was initially expected to cost €3bn (in 2003) and to be completed by 2009. Successive planning problems and tensions between operator and contract consortium have delayed the commissioning by more than 5 years and doubled the project cots. Areva has taken at least €2.7bn in write-downs on the project. Project delay costs of nearly €2bn are in dispute.