Nuclear power utility Teollisuuden Voima (TVO) and the Areva-Siemens plant supplier consortium have agreed on the exact terms for the completion of the Olkiluoto 3 (OL3) nuclear reactor in Eurajoki, southwest Finland, the companies announced in a press release.
Negotiations began last summer over additional funding needed by the consortium to finish the long-delayed nuclear reactor project.
The terms agreed by the parties include the consortium's trust mechanism being further capitalised by approximately 600 million euros, and that both TVO and the consortium will cover their own costs from the beginning of July to the end of February next year.
If the companies in the consortium do not complete the project by the end of February, they will pay an additional fee to TVO depending on the completion date. The agreement is due to be signed by the end of May.
The OL3 was originally intended to start generating electricity in 2009 but the reactor has been beset by delays, including faulty components and safety tests, and the delays have led to lawsuits between TVO and the French firm Areva.
OL3's sister reactor, Olkiluoto 2, made headlines in December 2020 after an emergency shutdown caused by warm water entering the reactor's cleaning system.
Electricity production from the third reactor is scheduled to begin in October when the unit is connected to the national grid. Fuel was loaded into the reactor in March.
Regular production of electricity is scheduled to begin in February next year.
Once completed, the OL3 reactor is expected to produce around 14 percent of Finland’s electricity.