Fennovoima Oy

Fennovoima cuts its activities significantly

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On 10 May 2022, Fennovoima started the change negotiations, concerning its entire personnel. The change negotiations ended on 21 June. As a result of negotiations, Fennovoima will significantly reduce its operations. Staff terminations will be implemented during 2022. Before the reductions Fennovoima has 356 employees and at the beginning of 2023 Fennovoima will have less than 10 employees.

On 24 May 2022, Fennovoima Oy withdrew the construction license application concerning the Hanhikivi 1 nuclear power plant. Earlier, Fennovoima terminated the EPC contract concluded with the Russian plant supplier RAOS Project due to RAOS Project's significant delays and inability to deliver the project and mitigate the risks related to the war in Ukraine. Fennovoima has also terminated the agreement with Rosatom subsidiary TVEL for the fuel delivery.

As a result of the decisions, Fennovoima kicked off change negotiations concerning its entire personnel. Change negotiations ended on 21 June 2022. As a result of negotiations, Fennovoima will significantly reduce its operations. Staff terminations will be implemented during 2022. Before the reductions Fennovoima has 356 employees and at the beginning of 2023 Fennovoima will have less than 10 employees.

“We all joined Fennovoima to deliver the project and to build this nuclear power plant for the good of Finland. The fact that we had to abandon the project was unfortunately inevitable and I know that all of us are affected by this decision and yes, we all feel sadness and sorrow that it had come to an end. I want to thank everyone in Fennovoima for their commitment, dedication and professional attitude and I am sure you all will find successfully new challenges accompanied with my best wishes,” says Joachim Specht, CEO.

In 2023, Fennovoima will focus on maintaining the Hanhikivi 1 construction site and preparing for probable legal processes related to the termination of the EPC contract with the plant supplier.

For more information:

Joachim Specht, CEO, +358 20 757 8661

Eija Salo, HR Director, +358 20 757 8455

communications@fennovoima.fi

About Fennovoima Oy

Fennovoima Oy
Fennovoima Oy
Salmisaarenaukio 1
00180 Helsinki

http://www.fennovoima.fi

Fennovoima is a nuclear energy company established to meet the energy needs of Finnish enterprises. Hanhikivi 1 nuclear power plant will generate approximately 10 percent of Finland’s electricity needs – reliably, and with no emissions.

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