The Finnish power utility Teollisuuden Voima Oyj (TVO) will load fuel into the 1,650 MW Olkiluoto-3 (OL3) nuclear power project in Eurajoki (Finland) in late 2018, once the operating license is granted. TVO is still awaiting confirmation from the Areva-Siemens consortium that the commissioning is still scheduled for May 2019.
The OL3 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. The project has been hit by repeated delays, court disputes and rising costs. Initially planned to start in 2009, the new reactor will be completed approximately 10 years behind schedule, with commissioning now planned in May 2019.
TVO originally claimed €2.6bn from the Areva-led consortium, which has filed a counter-claim of €3.5bn. In November 2017, TVO received a final and binding partial award under the framework of the ongoing International Chamber of Commerce (ICC) arbitration proceeding. In March 2018, TVO agreed a settlement with Areva-Siemens, which will pay TVO compensation of €450m (the consortium is entitle to receive an "incentive payment" of up to €150m for on time commissioning).
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