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AREVA’s financial problems with new nuclear reactors

Finnish delays headache for French nuclear firm PARIS (AFP)  28 June 2010, – Standard & Poor’s said on Monday it had lowered its rating on French nuclear group Areva by two notches because of delays to the construction of a reactor in Finland.The agency downgraded Areva to BBB+/A-2 from A/A-1, citing the company’s announcement of an additional provision of 400 million euros (493 million dollars) for the Finnish European Pressurised Reactor project…… The company earlier this month announced a fresh six-month delay to the Finnish project, with the plant not expected to be operational before the end of 2012.

The Olkiluoto reactor was initially to enter service in mid-2009.

Areva in its last note to its Finnish client TVO had put the start-up in mid-2012.

Since then, TVO has been asking for a new timetable in light of numerous delays to the project, notably caused by problems with pipe work.

July 10, 2010 - Posted by Christina Macpherson | business and costs, France | AREVA, AUSTRALIA, France, nuclear, nuclear costs, nuclear spin, nuclear wastes, reactors, uranium