Subscribe to our free daily newsletters
  Energy News  

Subscribe to our free daily newsletters

Areva, TVO talks over nuclear dispute called off: TVO
by Staff Writers
Helsinki (AFP) May 26, 2016

Negotiations between France's struggling nuclear power giant Areva and Finnish operator TVO over cost overruns and delays for the construction of a Finnish reactor have been called off, TVO said on Thursday.

"Our understanding is that we were very close to an agreement over all major issues and principles and then came this somewhat surprising turn that the negotiations were called off," TVO's chief executive Jarmo Tanhua told AFP in an interview.

Areva had no immediate reaction to the remarks.

The dispute is over the liabilities of the Olkiluoto OL3 reactor that Areva and its German partner Siemens have been constructing in Finland since 2005, and which has turned into a major headache for France's beleaguered nuclear industry.

French electricity giant EDF is seeking to acquire a majority stake in Areva's reactor business but does not want exposure to the financial risk associated with the Finnish reactor, originally sold to TVO as a turn-key project.

TVO and Areva have each placed the blame for the cost overruns on the other party, but Tanhua claims his company was ready to make peace with Areva.

Tanhua said TVO had already given its initial consent for its contract to be transferred within Areva to allow the restructuring of the French nuclear industry to proceed, and that there had been a common understanding over the financial compensations as well.

"The indemnities were one thing that had been agreed upon in principle," he said, refusing to disclose any figures.

Parallel to the negotiations, the adversaries have taken the dispute to the International Chamber of Commerce for arbitration, where Areva is claiming damages of 3.5 billion euros ($3.8 billion), and TVO 2.6 billion euros.

"This announcement came from France, that a settlement cannot be found now," he said.

"It makes us wonder if the reasons behind (it) aren't somewhere else than in our negotiations," Tanhua continued.

Olkiluoto 3 is expected to start operations by the end of 2018, nine years behind the original schedule.

Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once

credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly

paypal only


Related Links
Nuclear Power News - Nuclear Science, Nuclear Technology
Powering The World in the 21st Century at

Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Previous Report
EDF has no date for final decision on UK's Hinkley NPP
London (Sputnik) May 26, 2016
French electric company EDF has no fixed date for a final investment decision on the delayed construction of Hinkley Point atomic power plant in England, the chief of its UK subsidiary said. UK media reports initially gave EDF until early May to announce the size of the funds that UK's EDF Energy would invest, but its chief executive said the final decision would be made after EDF's 60-day perio ... read more

Weed stems ripe for biofuel

Scientists turning human waste into biofuel in South Korea

Forest-destroying palm oil powers cars in EU

Modified microalgae converts sunlight into valuable medicine

Improved forecasting models to aid solar, wind power production

Using solid-state materials with gold nanoantennas for more durable solar cells

Renewable energy sources grew at record pace in 2015: study

Leaving the electrical grid in the Upper Peninsula

Industry survey finds U.S. wind power growing

Argonne coating shows surprising potential to improve reliability in wind power

SeaPlanner is Awarded Contract for Rampion Offshore Wind Farm

British share of renewables setting records

It pays to increase energy consumption

Changing the world, 1 fridge at a time

Could off-grid electricity systems accelerate energy access

EU court overturns carbon market free quotas

New concept turns battery technology upside-down

Discovery could energize development of longer-lasting batteries

Power up when the temperature is down

Technique improves the efficacy of fuel cells

Astronomers find giant planet around very young star

Planet 1,200 Light-Years Away Is Good Prospect for a Habitable World

Kepler-223 System Offers Clues to Planetary Migration

Star Has Four Mini-Neptunes Orbiting in Lock Step

BAE Systems receives Navy repair, maintenance work

Raytheon gets SM-6 contract modification

The future of sonar in semiheated oceans

Part of U.S. Navy undersea training range complete

NASA Radar Finds Ice Age Record in Mars' Polar Cap

Potential Habitats for Early Life on Mars

Opportunity takes panorama; uses wheel to scuff soil

Are mystery Mars plumes caused by space weather?

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement