TVO updated its estimate in the ICC arbitration proceedings concerning the delay of OL3 project
Teollisuuden Voima Oyj (TVO) submitted on 20 October 2014 an updated estimate of TVO's costs and losses concerning the delay of the Olkiluoto 3 nuclear power plant project to the International Chamber of Commerce (ICC) arbitration proceedings. TVO has also considered and found the updated claim submitted by the plant supplier in October 2013 to be without merit.
TVO´s updated quantification estimate of its costs and losses is approximately EUR 2.3 billion until the end of 2018, which in the schedule submitted by the plant supplier in September 2014 is the estimated start of the regular electricity production of OL3. For further information, please contact:
The arbitration proceedings were initiated in December 2008 by the OL3 supplier AREVA-Siemens consortium. The arbitration proceedings may continue for several years, and the amounts claimed may be updated.
The plant supplier constructing the OL3 plant unit under a fixed-price turnkey contract is responsible for the project time schedule.
Risto Siilos, Senior Vice President, Corporate Resources and Deputy CEO, tel: +358 2 8381 5100
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