mardi 28 octobre 2014

Nuclear: Areva and Siemens claim now EUR 3.5 billions to the EPR Finnish operator

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Nuclear: Areva and Siemens claim now EUR 3.5 billions to the EPR Finnish operator
LES ECHOS | On October, 27th at 09:42, updated at 09:59

The power station shall be finished only in 2016 by Areva and Siemens and its commissioning will take place only in 2018, thus accounting for a nearly 9-years delay – AFP – Aira Vahaskari

Until now, the consortium composed of the French group and the German company Siemens claimed EUR 2.6 billions as a compensation due for delays faced by works.
That’s a new step in the confrontation happening between the consortium Areva and Siemens, with the power company Teollisuuden Voima (TVO), the power station operator, in the course of the building of Olkiluoto-3, the Finnish nuclear reactor.
Whereas each of the parties charges the other to be responsible of the delays of the construction, in a press release, Areva has announced that “the consortium claims around EUR 3.5 billions following an additional charge of work, perturbations and lengthening of project, due to events which took place during the construction up to June 2011.

Meanwhile TVO increased its indemnification claim
On its side, TVO claims EUR 2.3 billions to the consortium. In fact, the Finnish power producer increased this amount last week (as it accounted for EUR 1.8 billions) as it corresponds to its evaluation of likely costs and losses up to 2018, which is the intended deadline of the reactor commissioning.
The arbitration process may last several years, said the French group. The French-German consortium and the Finnish site operator, Finnish TVO, oppose in the arbitration court of Paris Chamber of International Trade, which has not set a date to take a decision.

A nine-years delay

In early September indeed, Areva announced that the end of the construction was then set in late 2016. From that date, the trials will start before the commissioning due in 2018. If the schedule is respected, Areva, the nuclear giant and Siemens, the industrial, will have nine years of delay in delivering this reactor, build in the Olkiluoto power station, located on the West coast of Finland.
Areva charges its customer for having delayed the construction because of excessively constraining procedures and of controls deemed far too slow. In its books, the group has thus recorded EUR 3.9 billions of provisions linked to the project, whereas the sale of the reactor amounted for EUR 3 billions.
On its side, in a press release published in the end of the week, TVO estimated that “the contractor is responsible of the delay and of the costs deriving from such delay”. 

Image virtuelle du réacteur nucléaire EPR
(Crédits : Image & Process, AREVA NP)