AREVA ownership issues complicate Finnish nuclear plant expansion

Olkiluoto Nuclear Power Plant
Olkiluoto Nuclear Power Plant | Courtesy of Wikimedia Commons

Finnish nuclear power company TVO said recently that increased international media interest in the longstanding project to build a third nuclear reactor, OL3, at the Olkiluoto Nuclear Power Plant in Eurajoki, Finland, revolves around project manager AREVA's evolving ownership situation involving the French government.

Construction of OL3 is being managed through a consortium consisting of Siemens AG, AREVA NP SAS and AREVA GmbH, and the French government is giving AREVA approximately $5.5 billion as part of a planned transfer of majority ownership in AREVA's nuclear energy unit, AREVA NP, to EdF, another French energy company.

The French government currently owns majority stakes in both AREVA and EdF.

Reuters report said construction on OL3 is behind schedule by nine years and is over its initial budget. The plant was initially set to be operational in 2009, and the article said this has been changed to 2018.

TVO Chairman Lauri Virkkunen said the company and the Finnish nuclear power sector are monitoring AREVA's ownership situation and denied that delays in the project are tied in any way to low market prices for electricity currently, insisting that the company wants the project completed as soon as possible.

Organizations in this Story

Teollisuuden Voima Oyj (TVO)

Want to get notified whenever we write about Teollisuuden Voima Oyj (TVO) ?
Next time we write about Teollisuuden Voima Oyj (TVO), we'll email you a link to the story. You may edit your settings or unsubscribe at any time.