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Arbitration claims updated in Olkiluoto 3 nuclear reactor case

TVO job losses Olkiluoto 3 4 Areva-Siemens nuclear reactor construction

Areva & Siemens (NYSE: SI) updated it claim against Finnish utility TVO in regards to construction of the Olkiluoto 3 nuclear reactor.

The joint venture said that for events occurring during the construction period up to June 2011, they claim a total of approximately €3.5 billion ($4.4 billion) because of additional work, disruption and prolongation of the project.

On October 21, 2014, TVO said that its counterclaims may increase to €2.3 billion ($2.9 billion) for the period until the end of 2018. The arbitration proceedings may continue for several years, Areva said in a statement. The reactor is now expected to begin operations in 2018, nine years later than initially projected.

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