Finnish power utility Teollisuuden Voima Oyj (TVO) has moved ahead with the Olkiluoto 3 nuclear power project in Finland, submitting an Operating License application for the 1,600 MW EPR reactor to the Finnish Ministry of Employment and the Economy (MEE). TVO expects to obtain the licence by the end of 2017 to start commercial operation in late 2018.
The 1,600 MW project, developed by Finnish utility TVO, 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 €3bn to about €6.5bn, sparking tensions between project developer TVO and the EPC consortium of Areva and Siemens: TVO is seeking €2.6bn in compensation for the delays, while the consortium is seeking €3.52bn in delayed payments.
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