The International Court of Arbitration of the International Chamber of Commerce (ICC) has handed down its first judgement in the legal dispute between Finnish utility TVO and the AREVA-Siemens consortium that will require TVO to release EUR 100 million ($120 million) owed to the consortium for construction work on the Olkilouto 3 EPR nuclear plant. With accrued interest, TVO will have to 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 also 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 OL3 is not now expected to enter commercial operation before August 2014.
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