So, the construction of the OL3 EPR reactor at Olkiluoto in Finland has been such a disaster, it is now directly impacting on the builder’s profits. French nuclear clowns Areva have today announced that their profits have been slashed by 20 per cent on last year, from 743 million euros to 589 million.
This single reactor – initially projected to cost three billion Euros – has now accumulated 1.7 billion euros in losses for the company who want to sell EPR reactors to the rest of the world. And this figure excludes the 2.4 billion euros that OL3’s buyers – Finnish utility TVO – are claiming in damages from Areva for massive schedule and cost overruns, and general all-round incompetence.
If the claim goes against Areva, OL3 could end up costing the company more than it was paid to build it. How’s that for nuclear economics?