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Finnish energy company to take Russia’s nuclear giant to court

Fennovoima, a Finnish energy company, announced it would launch several
arbitrations and other proceedings against various Rosatom entities on
Saturday, following the collapse of a nuclear power plant project in
Finland.

Fennovoima purchased the nuclear power plant from RAOS Project, a
subsidiary of the Russian Rosatom Group, in 2013. The estimated €7
billion Hanhikivi 1 project in northwestern Finland was set to be finished
by 2029. After delays in delivering technical and safety documents to
Finnish authorities, Fennovoima terminated the project at the start of May.

Russia’s invasion of Ukraine also made continuing impossible. Rosatom
denied any technical issues, claimed the work was proceeding as planned and
blamed the Finnish side for politicising the project. A bitter divorce made
compensation claims from both sides inevitable. Fennovoima is seeking
compensation amounting to €2 billion for: “damages arising out of the
delays and inability to deliver the project and related issues.”

Euractiv 22nd Aug 2022, https://www.euractiv.com/section/energy-environment/news/finnish-energy-company-to-take-russias-nuclear-giant-to-court/

d Aug 2022

August 22, 2022 - Posted by | Finland, Legal

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