Russia’s Rosatom unit seeks compensation, as Finland tears up nuclear power plant contract

Rosatom unit seeks compensation from Finnish group on ditching nuclear power plant contract.   May 6 (Reuters) – The Finnish unit of Russia’s state-owned Rosatom said on Friday it will demand compensation from Finnish consortium Fennovoima for “unlawful termination” of contract for the delivery of a planned nuclear power plant in Finland.

Earlier in the week, Fennovoima announced it had scrapped the contract due to “significant delays and inability to deliver the project” by Rosatom’s Finnish subsidiary RAOS Project. The war in Ukraine has worsened risks for the project. ……………….

The cost of the planned facility was initially set at 7.5 billion euros ($7.91 billion). The chairman of Fennovoima’s board Esa Harmala said earlier that the consortium had already spent 600-700 million euros on the facility.https://www.reuters.com/business/energy/rosatoms-unit-seeks-compensation-finlands-fennovoima-2022-05-06/

May 7, 2022 - Posted by Christina Macpherson | Finland, Legal