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AREVA going to court over Finland nuclear reactor runaway costs

areva-medusa1Areva’s half-year results yesterday night brought  new information about the Olkiluoto-3 EPR nuclear fiasco:

– The cost-overrun is now estimated at 2.3 billion EUR, while the original price offered to decision makers back in 2002 was 2.5 billion, and price contracted in 2005 was 3.2 billion EUR. The estimated final cost at the moment thus reached 5.5 billion EUR! (And there is still long way to go, with construction only half-way through!)

– Areva is taking its Finnish customer, TVO, to arbitrary court to claim those additional costs from them, although it was a fixed price, turn-key contract (a good lesson for future Areva customers about its habits).

– Areva now even threats to suspend construction works until TVO agrees to modified contracts.
Their original press package that inludes recorded audio and detailed presentation (58 slides) can be found here:
http://www.areva.com/servlet/finance-en.html

September 2, 2009 - Posted by | business and costs, Finland | , , , , ,

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