Power Company Could Pay for Nuclear Reactor Delays

Monday, June 2, 2008

The French nuclear power company Areva could end up paying billions of euros to compensate for delays in the Olkiluoto nuclear power project.

A report in the online financial publication Capital said that Areva could pay the power generation company Teollisuuden Voima up to 2.2 billion euros. The publication based its report on information from confidential sources. Areva refutes the claims.

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Olkiluoto Reactor Still Closed by Electrical Fault

Monday, June 2, 2008

The No. 1 nuclear reactor at Olkiluoto on Finland's west coast remains offline due to an electrical problem. The fault was detected on Friday when technicians were re-starting the plant after annual maintenance work.

The TVO utility is trying to find out what caused the problem, and says that it is impossible to say when the reactor can be re-started.

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French PM Calls for More Nuclear Power

Sunday, June 1, 2008

French Prime Minister Francois Fillon paid a visit to Finland on Friday. He was the guest of Finnish Prime Minister Matti Vanhanen.

Discussions between the two focused on France's upcoming term as EU president, which begins a month from now. France intends to emphasize environmental issues.

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Areva denies report it may have to pay TVO 2.2 bln eur for nuclear plant delays

Thursday, May 22, 2008

PARIS (Thomson Financial) - Nuclear power plant maker Areva denied a report on the website of the French business magazine Capital that it may be obliged to pay 2.2 billion euros in penalties to Finnish power generator TVO for delays in the construction of the Olkiluoto 3 nuclear plant.

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Finnish poll suggests opposition to sixth nuclear reactor

Saturday, May 17, 2008

Helsinki - A majority of Finnish voters oppose the construction of a sixth nuclear reactor, according to a survey published Thursday. Finland currently operates four nuclear reactors and construction of a fifth
reactor is underway at Olkiluoto, south-western Finland, where two reactors are operating.

The survey suggested 53 per cent opposed building a sixth reactor while 34 per cent had no objections to additional reactors.

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TVO Files New Nuclear Reactor Application

Saturday, April 26, 2008

The power utility Teollisuuden Voima (TVO) on Friday filed an application for a decision-in-principle concerning the construction of a new nuclear power plant unit at Olkiluoto on Finland's west coast.

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Suddenly, A Rush for Nuclear Applications

Tuesday, April 22, 2008

The utility Teollisuuden Voima (TVO) plans to submit its application to build a sixth nuclear reactor this spring. The rapid timing came as a surprise to the rival Fennovoima consortium, which is not planning to hand in its application until next year. The state says it wants any groups interested in building a new nuclear unit to apply for a permit within the next few months.

Minister of Economic Affairs Mauri Pekkarinen says he wants all applications on his desk at the same time, and soon. He adds that he does not intend to wait for many months after receiving the first application -- which could be as soon as May.

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Siemens sees impact from Finnish plant delay

Monday, March 31, 2008

FRANKFURT, March 31 (Reuters) - German engineering group Siemens expects a "not insignificant" financial impact from delays in completing a nuclear power plant in Finland, a German daily reported on Monday.

Frankfurter Allgemeine Zeitung quoted a Siemens spokesman as saying: "That is certainly aggravating."

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Siemens profit warning sends a shiver

Wednesday, March 19, 2008

(FT) Siemens, Europe’s largest engineering group, shed €12.5bn ($19.7bn) in market capitalisation Monday after a shock €900m profit warning led to fears that the crisis in financial markets could be creeping into industrial companies.

The German conglomerate blamed a contract cancellation, project delays and capacity issues for the warning – all issues that investors are nervously eyeing. But Siemens said the subprime crisis was having no impact on its business, a line backed up by other industrial groups such as Linde, the world’s largest industrial gases group.

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Finn Fennovoima buys land for planned nuclear plant

Monday, March 17, 2008

HELSINKI, March 11 (Reuters) - Energy firm Fennovoima said on Tuesday it has agreed to buy over 200 hectares of land in Simo, northern Finland, for a potential nuclear plant site, securing its second plot in Finland.

The company, a joint venture formed by Finnish steel firm Outokumpu, German utility E.ON and other smaller companies, aims to build a 1,500 to 2,500 megawatt nuclear plant in Finland and hopes the power station would be ready in 2018.

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