Teollisuuden Voima Oyj (TVO) has received a final and binding partial award in the ongoing International Chamber of Commerce (ICC) arbitration proceeding related to the delay and the ensuing costs incurred at the Olkiluoto 3 (OL3) EPR nuclear power project. In this partial award the ICC Tribunal has addressed the preparation, review, submittal, and approval of design and licensing documents on the OL3 project. This comprises the key facts and matters that the supplier relies upon in its main claim against TVO, as well as certain matters that TVO relies upon in its claims against the supplier. In doing so, the partial award has finally resolved the great majority of these facts and matters in favour of TVO. Conversely, it has also rejected the great majority of the supplier’s contentions in this regard. Although the partial award does not take a position on the claimed monetary amounts, it has conclusively rejected the analytical method used by the supplier to support its principal monetary claims against TVO. A previous partial award, which addressed the early period of the project in relation to the time schedule, licensing and licensability, and system design, likewise favourable to TVO, was granted in November 2016. The arbitration proceeding is still going on with at least one further partial award to come, before the final award where the Tribunal will declare the liabilities of the parties to pay compensation.
TVO 20th July 2017 read more »
Finnish utility Teollisuuden Voima Oyj (TVO) has been awarded a second 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. It follows the granting of a partial award to TVO last November.
World Nuclear News 20th July 2017 read more »
YLE 20th July 2017 read more »