French Co. Areva Wins Opener In €2B Nuclear Costs Dispute

Law360, New York (July 6, 2012, 7:24 PM EDT) -- French nuclear firm Areva SA has won an arbitration dispute against Finnish utility Teollisuuden Voima Oyj over construction delays and ballooning costs at the troubled Olkiluoto 3 nuclear power plant, the company said Thursday.

An International Chamber of Commerce arbitration panel ordered TVO to pay Areva €125 million ($155 million) for uncovered construction costs and accrued interest. The judgment is a small fraction of the estimated €2.4 billion in disputed cost overruns at the Finnish plant, whose seven-year delay is shaking confidence in a once-promising new...
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