Fennovoima chief voices disappointment over Hanhikivi-1 arbitration decision

Fennovoima chief executive Matti Suurnäkki has expressed disappointment over an arbitration decision concerning the Hanhikivi-1 nuclear plant project. RIA Novosti relayed his Helsingin Sanomat comments on October 10 after Rosatom announced a ruling in its favour.

Suurnäkki said the Finnish company believed it had grounds to terminate the agreement. He also said the decision had both negative and positive financial aspects.

Rosatom said an International Chamber of Commerce tribunal had found the Finnish side's unilateral contract termination unlawful. Reuters separately reported the corporation's statement. That account represents a party's description of the ruling, rather than the published full arbitration decision.

The construction contract for the plant in northern Finland was signed in 2013. The project envisaged one 1,200 MW generation 3+ unit. Estimated investment was €7-7.5 billion, with planned local supplies from Finnish and other EU companies valued at €1.8-2.7 billion. The plant was intended to meet around 10% of Finland's electricity needs.

Fennovoima terminated the contract in May 2022, citing project delays and a deteriorating political situation. The company and Rosatom differ over whether that decision was justified.