Finnish utility Teollisuuden Voima Oyj (TVO) said it has been awarded a final and binding partial award in the ongoing arbitration proceedings related to delays in the construction of the first-of-a-kind EPR unit at Olkiluoto. The Areva-Siemens consortium began construction of Olkiluoto 3 in 2005 under a turnkey contract signed with TVO in late 2003. Completion of the 1600 MWe reactor was originally scheduled for 2009, but the first project has suffered various delays and setbacks. The ongoing arbitration proceedings through the International Chamber of Commerce (ICC) were initiated by the supplier consortium in December 2008. In 2012, TVO made a claim against the Areva-Siemens consortium under the arbitration proceedings. Both parties have since made a number of revisions to their respective claims. TVO maintains that as Olkiluoto 3 is being built under a fixed-price turnkey contract, the supplier consortium companies are “jointly and severally liable for the plant contract obligations”. However, Areva-Siemens claims that TVO has itself caused some delays in the plant’s construction.
World Nuclear News 10th Nov 2016 read more »