raises claim to $4.4 billion over Finnish reactor delays
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[October 25, 2014]
HELSINKI (Reuters) - The
French-German consortium Areva-Siemens <AREVA.PA><SIEGn.DE>, the
supplier of Finland's much-delayed Olkiluoto-3 nuclear reactor, has
increased its claim against Finnish utility Teollisuuden Voima (TVO),
TVO said late on Friday.
TVO and Areva have traded accusations about who is to blame for
delays and extra costs, and the International Chamber of Commerce's
(ICC) arbitration court is processing a dispute on cost overruns
between the two sides.
Areva-Siemens in September said the start date of the reactor, which
is planned to be Finland's fifth and biggest nuclear unit, will be
pushed back to late 2018 - almost a decade later than originally
TVO on Friday said Areva-Siemens raised its claim against it to 3.5
billion euros ($4.4 billion) from the previous 2.6 billion euros at
the ICC arbitration.
TVO, whose owners include Finnish paper companies UPM <UPM1V.HE> and
Stora Enso <STERV.HE> as well as utility Fortum <FUM1V.HE>, this
week raised its own claim to 2.3 billion euros from an earlier 1.8
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"The plant supplier committed to deliver the nuclear power plant
unit by an agreed date according to the contract and the supplier is
responsible for the delay and the ensuing costs," TVO executive
Risto Siilos said in a statement.
The delay at the site in the west of Finland has put TVO's plan to
build its next reactor, Olkiluoto 4, in doubt as Finnish government
recently rejected TVO's application to extend its permits.
(Reporting By Jussi Rosendahl, editing by William Hardy)
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