Name and Location
Olkiluoto (OL) 3 European pressurised reactor project, western Finland.

Client
Teollisuuden Voima Oyj (TVO).

Project Description
The project involves the construction of a nuclear power plant unit, OL3, that will include a European pressurised reactor, adjacent to the existing OL1 and OL2 units.

The unit will have an output of about 1 600 MW.

Value
The project is estimated at more than €3-billion.

Duration
The project has been delayed by two years from its initial possible startup in 2016. Operations are expected to start in 2018.

Latest Developments
The Areva-Siemens consortium has informed TVO of an updated schedule for the Olkiluoto 3 EPR project, under which construction will be completed in mid-2016. Commissioning will start in the same year and operations will start in 2018.

The principal driver of recent delays to the project has been the reactor instrumentation and control (I&C) system approval. After four years of exchanges with TVO, the I&C architecture was finally approved in April 2014, giving the consortium a key visibility element to schedule the completion of the project.

The updated schedule is based on key assumptions and commitments concerning TVO’s cooperation as the owner of the plant. Detailed workshops with TVO to optimise the commissioning will take place over the coming months.

This updated schedule has no financial impact by itself on the Olkiluoto 3 contract's loss at completion for Areva, which stood at €3.9-billion as of  June 30, 2014.

Key Contracts and Suppliers
Areva and Siemens (plant suppliers).

On Budget and on Time?
Areva is constructing the plant under a fixed-price turnkey contract. TVO selected EPR technology for OL3 in 2003 and AREVA-Siemens Consortium started the construction works in spring 2005 with an objective to start the electricity production in spring 2009.

Contact Details for Project Information
OL3 senior VP Jouni Silvennoinen, tel. +358 2 8381 4100.