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Finnish consortium abandons Fennovoima nuclear power project

Finnish group abandons plans for Russia-backed nuclear power plant
Contract with Rosatom terminated as war in Ukraine deals final blow to controversial energy project, Ft.com,   Richard Milne, Nordic and Baltic Correspondent,  2 May 2
2, 

A Finnish consortium has abandoned controversial plans to build a Russian nuclear power plant in the Nordic country as Moscow’s invasion of Ukraine dealt a terminal blow to the project. The Fennovoima project has been mired in controversy from the outset with Finland’s then environment minister telling the Financial Times in 2014 that it was an example of “Finlandisation”, a loaded term that refers to a smaller country adapting its policies to suit a larger, more powerful neighbour.  

The Hanhikivi 1 project was particularly controversial because Rosatom, the Russian state nuclear company, was not just the supplier of the reactor but also the main shareholder and financial backer of the Fennovoima consortium. Rosatom owns 34 per cent while Finnish companies such as energy group Fortum, steelmakers SSAB and Outokumpu as well as local municipalities own the rest. Fennovoima said on Monday that it had terminated the contract with Rosatom due to “significant and growing delays during the last years”, which have been exacerbated by the war in Ukraine.  …………………………………..    https://www.ft.com/content/5e7730b5-be55-48a5-8f55-f67d6fb80d77

May 3, 2022 - Posted by | Finland, politics

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