Finnish power producer TVO and construction consortium Areva-Siemens have gone to London’s International Dispute Resolution Centre (IDRC) in a bid to settle the ongoing €3.5bn Finnish nuclear arbitration over construction delays to the 1.6gw Olkiluoto 3 nuclear plant.
The ongoing arbitration has attracted some of US’ leading firms with Shearman & Sterling‘s international arbitration practice head Emmanuel Gaillard leading the case representing Areva alongside arbitration partners Mark McNeill in London and Alexander Bevan in Abu Dhabi. The firm instructed former Shearman arbitration partner and co-founding partner of Three Crowns Todd Wetmore. Additionally, Baker & McKenzie dispute partner Hein-Juergen Schramke in Frankfurt is advising Siemens.
White & Case is acting for TVO with partners Phillip Capper and Daniel Garton out of London, and Andrew McDougall in Paris. The firm instructed 4 New Square barrister Paul Cowan, who was formerly a partner at White & Case from 2003 to 2014.
Areva-Siemens initiated arbitration proceedings against TVO in December 2008 over alleged unpaid payments and losses caused by construction delays. While construction of the plant began in 2004, it is not expected to be fully commissioned until 2018 – nine years behind schedule.
In October 2014, the Areva-Siemens consortium increased its arbitration claim against TVO to €3.5bn for additional work, disruption, prolongation of the project and cost overruns, while TVO’s counterclaim is for €2.3bn.