The Finnish utility Teollisuuden Voima Oyj (TVO) has received a final and binding partial award under the framework of the ongoing International Chamber of Commerce (ICC) arbitration proceeding against Areva and Siemens related to the delay of the Olkiluoto-3 (OL3) EPR nuclear plant project in Eurajoki (Finland). This is the third final and binding award in favor of TVO in a row. However, the arbitration proceedings are still ongoing until the final award in 2018, in which the liabilities of the parties to pay compensation will be decided.
TVO is claiming €2.6bn from the Areva-led consortium, which has filed a counter-claim of €3.5bn. The 1,600 MW OL3 EPR project is being built by the supplier consortium 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, it will be completed approximately 10 years behind schedule.
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