Arbitrator favors Finnish TVO in Areva nuclear dispute
- Olkiluoto 3 nuclear is due to generate electricity nine years later than planned over dispute between TVO and Areva

Finnish utility TVO received a final and binding partial award in the ongoing International Chamber of Commerce (ICC) arbitration proceeding with French company Areva, related to the delay and the ensuing costs incurred at the Olkiluoto 3 nuclear power project, TVO said on Thursday.

The nuclear power reactor was due to start up in 2009 but because of a dispute between TVO and the reactor supplier, the Areva-Siemens consortium, major delays occurred. Both companies are claiming billions of euros from each other due to delays and cost overruns.

The company said the partial award addressed preparation, review, submittal and approval of design and licensing documents on the project.

"In doing so, the partial award has finally resolved the great majority of these facts and matters in favor of TVO. Conversely, it has also rejected the great majority of the supplier’s contentions in this regard," TVO stressed.

"Although the partial award does not take a position on the claimed monetary amounts, it has conclusively rejected the analytical method used by the supplier to support its principal monetary claims against TVO," it added.

The arbitration proceeding is still ongoing with at least one further partial award to come, before the final award where the tribunal will declare the liabilities of the parties to pay compensation.

Nuclear power has traditionally been seen as a cheap and efficient way of producing energy in Finland and has met a quarter of the country's energy needs.

The Olkiluoto 3 project has seen major delays in its implementation, but it is currently planned to start electricity production in 2018, nine years later than originally planned.

By Murat Temizer

Anadolu Agency


20 Jul,2017