Agreements regarding the Olkiluoto 3 EPR project completion have been signed
Teollisuuden Voima Oyj (TVO) has signed agreements regarding the amendments to the OL3 EPR project 2018 Global Settlement Agreement with the plant supplier consortium companies, Areva NP, Areva GmbH, and Siemens AG, as well as the Areva Group parent company Areva SA.
TVO informed on May 17, 2021 of having reached a consensus with the Areva-Siemens consortium regarding the terms of the Olkiluoto 3 EPR project completion. The final agreements were signed yesterday on Wednesday, June 2. The content of the agreements remained as previously communicated.
For the agreements to enter into force, certain conditions, currently anticipated to be confirmed during June 2021, have to be fulfilled.
The OL3 EPR plant supplier consortium is building the plant unit according to a fixed-price turnkey contract. The companies which belong to the plant supplier consortium, AREVA GmbH, AREVA NP SAS, and Siemens AG, have joint and several liability for the contractual obligations stipulated in the plant contract until the end of the guarantee period of the plant unit.
Teollisuuden Voima Oyj has produced electricity for its shareholders, Finnish industrial and energy companies, safely and reliably for 40 years. Nuclear electricity generated at TVO's Olkiluoto plant covers approximately one sixth, increasing to nearly one third once Olkiluoto 3 EPR is completed, of the electricity consumption in Finland. Climate-friendly nuclear electricity not only benefits society but also reduces the environmental impact of energy production. Moreover, the world's first final disposal facility for spent nuclear fuel is under construction in Olkiluoto.