Finland nuclear reactor costs headed to arbitration -TVO

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HELSINKI, Dec 31 (Reuters) - Franco-German consortium Areva-Siemens is to take TVO to arbitration in a dispute over delays and cost overruns at the Olkiluoto 3 reactor, the Finnish nuclear plant operator said on Wednesday.
In October, TVO was told by the consortium that the 1,600 MW reactor -- the first to be constructed in Western Europe for more than a decade -- would be further delayed to 2012 from its initial start-up target of 2009.
TVO claimed for compensation from the plant supplier consortium for losses and costs incurred due to the delay.
"The plant supplier, consortium Areva-Siemens, has filed a request for arbitration concerning Olkiluoto 3 delay and related costs," TVO said in a statement Wednesday.
"The request relates to a claim presented previously by the consortium to TVO, which TVO has studied and found to be without merit."
"TVO has a fixed price, turnkey contract with Areva-Siemens for the construction of the Olkiluoto 3 unit," TVO said.
TVO is owned by Finnish utility Fortum and Pohjolan Voima, a consortium of Finnish forestry and energy firms.


(Reporting by Sakari Suoninen; Editing by Mike Nesbit) Keywords: TVO/AREVASIEMENS/ (sakari.suoninen@reuters.com; +358 9 6805 0240; Reuters Messaging: sakari.suoninen.reuters.com@reuters.net)