Both Finnish power utility Teollisuuden Voima Oyj (TVO), the owner and developer of the Olkiluoto 3 (OL3) nuclear power project in Finland, and the supplier consortium (Areva-Siemens), in charge of the project construction, have raised their claimed amount in the ongoing International Chamber of Commerce (ICC) arbitration over delays in the construction and commissioning of the project.
TVO has 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. Meanwhile, Areva has kept its claims unchanged at €3.4bn, including penalty interest and payments delayed by TVO under the plant contract (€1.4bn), as well as €140m in loss of profit.
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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