The construction of the Olkiluoto 3 power station in Finland commenced in August 2005. The station will have an electrical power output of 1600 MWe (net). The construction was a joint effort of French Areva and German Siemens AG through their common subsidiary Areva NP, for Finnish operator TVO. Siemens ceased nuclear activities in 2011. Initial cost estimates were about €3.7 billion, but the project has since seen several severe cost increases and delays, with latest cost estimates (from 2012) of more than €8 billion. The station was initially scheduled to go online in 2009, but operations are now expected to start in 2022.