Areva: Nuclear Reactors in Finland

Areva and Siemens began construction on what will be Finland’s fifth nuclear reactor, (Olkiluoto 3 – a third-generation European Pressurized Reactor (EPR)), for the Finnish utility company, Teollisuuden Voima (TVO) in 2005. The project is billions of euros over budget and has suffered multiple delays .[1] The Areva-Siemens consortium is currently seeking €2.7 billion in damages against TVO for over-running the original startup deadline and for underestimating the project’s budget by billions of dollars. However, TVO senior vice president Risto Siilos in charge of legal affairs stated, “According to the plant contract the supplier is responsible for the delay and the ensuing costs.” [2]

[2] World Nuclear News (2013): “Suppliers raise Olkiluoto 3 damages claim”, WNN, 31 October, 2013, accessed 17.12.2013

Case location
Olkiluoto, Eurajoki, Finland

Affected topics
  • Environmental and Climate protection
Directly and indirectly (through shareholding) involved companies Indirect investors through shareholding

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