Thursday, 1 March 2012

AECL and NB Power sue the insurance company for reactor delay costs

hmmm interesting, let's see whether the insurance company pays anything for the delays! "NB Power and Atomic Energy of Canada Ltd. are suing an insurance company for $524 million to help cover some of the costs related to the delayed refurbishment of the Point Lepreau Nuclear Generating Station.
The companies have filed documents in a Saint John court claiming they're entitled to payments for damage and delay during the refurbishment of the nuclear plant.
The project is three years late and more than $1 billion over budget.
NB Power is seeking $320 million in damages and AECL is after $204 million in damages.
NB Power and AECL allege that their insurance policy with Lloyd's of London covers the reactor tubes that were damaged during the rebuild.
The Crown corporations also claim that the insurer should pay for hundreds of millions of dollars in extra costs caused by delays.
The insurance company denied a previous claim by NB Power and AECL last year."

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