Olkiluoto 3 delay and related costs into arbitration

TVO has on 30 December 2008 been informed by the International Chamber of Commerce (ICC) that the plant supplier, consortium AREVA-Siemens, has filed a request for arbitration concerning Olkiluoto 3 delay and related costs.

The request relates to a claim presented previously by the consortium to TVO, which TVO has studied and found to be without merit. Understandably, TVO will carefully study the documentation now presented and will respond to it.

As stated by TVO in its interim review of January - June 2008, TVO has earlier claimed for compensation from the plant supplier for losses and costs incurred due to the delay to the project.

Based on the ICC rules, and on the plant supply contract, arbitration is a private process and not to be commented on in the public, and TVO will not elaborate this subject at this time.

TVO has a fixed price, turnkey contract with AREVA-Siemens for the construction of the Olkiluoto 3 unit.

For further information, please, contact:

Mr Jouni Silvennoinen, SVP, Project, tel. +358 2 8381 4100
Mr Risto Siilos, SVP, Legal Affairs and Risk Management,
tel. +358 2 8381 6200.