The company said work on a revised schedule for the 1,600-MW Generation III plant is estimated to be completed in August 2020.
In December 2019 TVO said electricity production at Olkiluoto-3 was scheduled for March 2021, eight months later than the previous target of July 2020.
TVO said a new management team at Areva is preparing a financial solution to complete the project according to the revised schedule.
TVO also said it is negotiating with Areva-Siemens over terms for completing the Olkiluoto project.
The company said Areva’s new management team is working on a plan to secure funding until the end of the project. TVO said it has taken part in discussions and has “a positive attitude towards their progress”.
In April TVO submitted an application to nuclear regulator Stuk to load nuclear fuel at Olkiluoto-3, but warned in a statement that operation of the plant could be delayed by the coronavirus pandemic.
Construction of Olkiluoto-3 began in August 2005 and is about nine years behind schedule. In March 2019 the Finnish government granted an operating licence for the unit.
In November 2019, Areva-Siemens said the plant would be delayed because of “slow progression of system tests and shortcomings in spare part deliveries”.
TVO said at the time that because of numerous delays maintenance was being carried out to equipment and components that had already been installed in an effort to ensure an efficient startup process and continuous operation once the unit is online.