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UPDATE 1-Finnish utility TVO drops latest legal action against Areva
May 29, 2017 / 5:20 PM / 3 months ago

UPDATE 1-Finnish utility TVO drops latest legal action against Areva

(Adds TVO comments, background)

HELSINKI/PARIS, May 29 (Reuters) - Finnish utility Teollisuuden Voima (TVO) has dropped its latest legal action against French nuclear group Areva over the delayed Olkiluoto 3 nuclear reactor project, the companies said on Monday.

TVO filed an application against Areva in September before the Nanterre Commercial Court in France, seeking assurances that the restructuring of Areva would not reduce its resources for the Olkiluoto project.

"Discussions between the parties opened the door to the withdrawal of this action ... The parties are concentrating on the completion of the OL3 project and the start-up of the power plant," the joint statement said.

The project in western Finland, almost a decade behind its original schedule, is nearly complete and production is planned to begin next year.

The companies are still claiming billions of euros from one another at the International Chamber of Commerce's arbitration court because of previous delays and cost overruns.

The cost of Olkiluoto 3 was initially estimated at 3.2 billion euros, but Areva in 2012 estimated the overall cost at closer to 8.5 billion euros ($9.49 billion).

As part of Areva's restructuring, EDF, another state-controlled company, bought Areva's nuclear reactor construction business, but Olkiluoto project was left out of the deal.

Teollisuuden Voima is owned by a number of Finnish companies, including paper manufacturers Stora Enso and UPM, and utility Fortum. ($1 = 0.8953 euros) (Reporting by Dominique Vidalon in Paris and Jussi Rosendahl in Helsinki; Editing by Jane Merriman)

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