News |

TVO ups stakes in Areva compensation duel

The power consortium Teollisuuden Voima (TVO) and the French-German nuclear contractor Areva-Siemens have lodged compensation claims, each blaming the other for delays in a long-running battle the overdue Olkiluoto 3 nuclear reactor project.

Olkiluoto 3 -voimala toukokuussa 2012.
A view of Olkiluoto 3 in May 2012. Image: Teollisuuden Voima Oyj

The Finnish public power consortium Teollisuuden Voima TVO has upped a compensation claim against the French-German nuclear contractor Areva-Siemens from 1.4 billion euros to 1.8 billion.

TVO claims the money is compensation for construction delays on the Olkiluoto 3 reactor in southwest Finland.

The reactor was to have been completed in 2009, but Areva now estimates that it will be ready for firing up in 2015. TVO has said it's more likely to be operational one year later -- and far over budget.

Areva-Siemens has also lodged a counter claim against TVO for 1.9 billion euros.

TVO said Monday that its compensation claim may still be subject to change.

In July the International Chamber of Commerce ordered TVO to pay 125 million to Areva-Siemens for payments withheld and for breach of contract terms.

Rival utility fires CEO

Meanwhile the head of another nuclear power consortium, Fennovoima, has been fired.

Fennovoima's board decided to dismiss CEO Tapio Saarenpää on Monday. He had led the utility since it was established in 2007. Last month Fennovoima's chairman of the board was also replaced. The group plans to build Finland's third nuclear power plant on the north-west coast. Its owners include steelmaker Outokumpu and German-owned power giant E.ON.

Latest in: News

Headlines

Our picks

Latest

Muualla Yle.fi:ssä