Finnish power utility Teollisuuden Voima Oyj (TVO) has reached a major milestone in the construction of the Olkiluoto-3 (OL3) nuclear project in Finland, with the EPR entering the cold functional test phase. Once this stage has been successfully completed, OL3 will fulfil the preconditions for the granting of the operating licence in early 2018. Regular electricity generation is expected by the end of 2018.
The 1,600 MW EPR reactor has been under construction since 2005 on the site of the existing Olkiluoto nuclear power plant and was expected to be commissioned in 2009. The project has been delayed to 2014 and then to 2018. The reactor vessel was installed on the site of the EPR in October 2013. The cost of the project has doubled from €3.2bn to about €6.5bn and then soared to €8.5bn, sparking tensions between project developer TVO and the EPC consortium of Areva and Siemens. TVO is now seeking €2.6bn in compensation for the delays at the ICC's arbitration court, while the consortium is seeking €3.52bn in delayed payments. In September 2016, TVO took new legal actions against Areva.
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