The Finnish power company Teollisuuden Voima Oyj (TVO) has reached an agreement with the Areva−Siemens consortium in charge of the construction of the 1,650 MW Olkiluoto-3 (OL3) nuclear power project in Eurajoki (western Finland) on the terms of the project completion. Under the terms of the agreement, the supplier consortium companies will pay around €600m to complete the project (based on a revised cost estimate made in early 2021); both parties will cover their own costs between July 2021 and the end of February 2022, when the project is expected to be commissioned. If the project is delayed again and not completed before late February 2022, the supplier consortium companies will pay an additional compensation for delays.
The OL-3 European Pressurized Reactor (EPR) project is being built by a consortium of Areva GmbH, Areva NP (now Orano) and Siemens under a fixed-price turnkey contract. Construction started in 2005 for an expected commissioning in 2009. However, the project has been hit by repeated delays, court disputes and rising costs. It is now nearing completion (fuel loading in March 2021 and connection to the grid expected in October 2021) and is expected to be commissioned in February 2022, 12 years behind schedule. Upon completion, it will be operated by TVO.
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