(Adds TVO comments, background)
HELSINKI/PARIS May 29 Finnish utility
Teollisuuden Voima (TVO) has dropped its latest legal action
against French nuclear group Areva over the delayed
Olkiluoto 3 nuclear reactor project, the companies said on
TVO filed an application against Areva in September before
the Nanterre Commercial Court in France, seeking assurances that
the restructuring of Areva would not reduce its resources for
the Olkiluoto project.
"Discussions between the parties opened the door to the
withdrawal of this action ... The parties are concentrating on
the completion of the OL3 project and the start-up of the power
plant," the joint statement said.
The project in western Finland, almost a decade behind its
original schedule, is nearly complete and production is planned
to begin next year.
The companies are still claiming billions of euros from one
another at the International Chamber of Commerce's arbitration
court because of previous delays and cost overruns.
The cost of Olkiluoto 3 was initially estimated at 3.2
billion euros, but Areva in 2012 estimated the overall cost at
closer to 8.5 billion euros ($9.49 billion).
As part of Areva's restructuring, EDF, another
state-controlled company, bought Areva's nuclear reactor
construction business, but Olkiluoto project was left out of the
Teollisuuden Voima is owned by a number of Finnish
companies, including paper manufacturers Stora Enso
and UPM, and utility Fortum.
($1 = 0.8953 euros)
(Reporting by Dominique Vidalon in Paris and Jussi Rosendahl in
Helsinki; Editing by Jane Merriman)