HomeWorld RegionsEuropeFinland will not intervene in Areva"TVO dispute

Finland will not intervene in Areva”TVO dispute

Finland’s government will not be intervening in a dispute involving TVO and Areva, contradicting a statement made by a French minister on Wednesday.

French Economy Minister Emmanuel Macron said he had agreed with his Finnish counterpart Olli Rehn to give the companies and shareholders one month to find the conditions for an agreement on ending the dispute which centres around substantial costs accrued in the development of the Olkiluoto nuclear power project.
French Economy Minister Emmanuel Macron
Costs have ballooned to more than EUR9bn and the project is well over a decade behind schedule.

However Finland appears to be distancing itself from any prospect of government intervention.

“In Finland, it is not possible for the state to instruct private companies. Olkiluoto 3 is purely a matter for the two companies,” an unnamed Finnish government source said, adding that no timetable on the process had been planned either and that the government will not intervene in the arbitration in any way.

TVO has a EUR2.6bn ($2.8bn) claim against the Areva-Siemens consortium at the International Chamber of Commerce’s (ICC) arbitration court, while Areva-Siemens have a EUR3.4bn euro counter-claim.

TVO’s claim is holding up a planned takeover of Areva’s reactor building unit by fellow state-owned utility EDF, which does not want to take responsibility for it.

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