The International Court of Arbitration of the International Chamber of Commerce (ICC) has handed down a partial judgment requiring TVO to release EUR 100 million ($120 million) owed to the AREVA-Siemens consortium for the Olkilouto 3 EPR construction project.
With accrued interest, TVO shall pay a total amount of EUR125 million, plus the legal expenses incurred by the consortium.
TVO said in a statement, 5 July, that: “the amount of the interest to be paid by TVO is minor in the context of the value of the project.”
It said that the decision takes no position on the delay of the plant unit and the cost resulting from the delay.
The 1600MW reactor is the first to be built in Western Europe in a decade and was originally scheduled to be commissioned in 2009. Construction on the EUR 3 billion project began in 2005 but has suffered a number of delays. According to TVO’s latest estimate the Olkiluoto 3 EPR is now expected to enter commercial operation in August 2014.
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