Finns claim $2.3B from Areva-Siemens for delay

[October 01, 2012]  HELSINKI (AP) -- Finnish utility TVO is claiming euro1.8 billion ($2.3 billion) in compensation from nuclear supplier Areva-Siemens for a five-year delay in the construction of the Olkiluoto 3 nuclear power plant.

Teollisuuden Voima Oyj says Monday it submitted the claim to the International Chamber of Commerce for arbitration proceedings with an "updated quantification estimate of TVO's costs and losses" of some euro1.8 billion, but added that the amount might change.

The 1,600-megawatt European Pressurized Reactor -- one of the first of its kind -- has been plagued with delays caused by faulty materials and planning problems since construction began in 2005.

TVO says the supplier was constructing the euro3 billion reactor -- to have been online by 2009 -- with a fixed-price turnkey contract and is responsible for the delay.

[Associated Press]

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