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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.