TVO: All Supplier´s liabilities towards OL3 EPR project must be covered in a responsible manner

24.11.2016

Finnish nuclear power operator Teollisuuden Voima (TVO) considers that the agreement announced between AREVA and EDF on 16 November 2016 for the sale of AREVA NP’s activities will in effect put the Olkiluoto 3 (OL3 EPR) nuclear power project in a defeasance structure. Stripped of its nuclear plant technology-related operations and know-how, AREVA NP may not be adequately funded and resourced, when its technical expertise and vital human resources are being transferred to the so-called “New Areva NP” which is expected to be bought by EDF.

- We acknowledge the need for restructuring but expect that all supplier’s liabilities towards TVO are respected and covered in a responsible manner to the extent they are based on the plant contract. The separation of project ownership from the resources needed for the completion and commissioning of OL3 EPR is not responsible behaviour from a nuclear technology vendor. OL3 EPR, the most advanced European EPR plant unit, must be given an equal position with the other major EPR projects supplied by the French nuclear industry, Jarmo Tanhua, President and CEO of TVO says.

TVO has sought to obtain more detailed information about the announced restructuring and its impacts on the OL3 EPR project. TVO now urgently requires this information with a view to securing the assurances that all the necessary financial and other resources, particularly related to the EPR technology capabilities, will be allocated to the completion and long-term operation of OL3 EPR. This information from the plant supplier and commitment of the technology vendor is a prerequisite for TVO´s consent for the changes impacting the OL3 EPR project.

The OL3 EPR was procured as a fixed-price turnkey project from a supplier consortium formed by AREVA GmbH, AREVA NP SAS and Siemens AG for delivery in the spring of 2009. The supplier consortium companies are jointly and severally liable for the plant contract obligations. According to the current schedule of the supplier, regular electricity production in the unit will commence at the end of 2018.

More information:
Jarmo Tanhua, President and CEO, Teollisuuden Voima Oyj

Interview requests:
Pasi Tuohimaa, Manager, Corporate Communications, Tel. +358 40 544 5001

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