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Latest delay in Olkiluoto nuclear fuel loadings leads to Fitch revising outlook to negative

Fitch 20th April 2020, Fitch Ratings has revised Teollisuuden Voima Oyj’s (TVO) Outlook to
Negative from Stable and affirmed the Long-Term Issuer Default Rating (IDR)
at ‘BBB-‘.

The Negative Outlook reflects the latest announced delay of fuel
loading, a critical milestone, at the third 1,600 MW nuclear plant
Olkiluoto 3 (OL3) project caused by overall slow progress of works as well
as disruption due to the coronavirus outbreak.

There is a risk that the settlement agreement signed with the supplier consortium (Areva NP, Areva GmbH, Siemens AG (A/Stable) and Areva Group’s parent Areva SA) in March
2018 would not protect TVO from financial impacts should the start of power
production be delayed beyond June 2021, because the consortium has not yet
assigned a new date for the fuel loading. After this date, TVO would not be
entitled to penalty payments from the supplier consortium under the
settlement agreement anymore.

https://www.fitchratings.com/research/corporate-finance/fitch-revises-teollisuuden-voima-oyj-outlook-to-negative-affirms-at-bbb-20-04-2020

April 24, 2020 - Posted by Christina Macpherson | business and costs, Finland

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