Fennovoima Terminated Contract for the Hanhikivi 1 Nuclear Power Plant

Source: www.gulfoilandgas.com 5/2/2022, Location: Europe

Fennovoima has terminated the EPC contract of plant delivery with RAOS Project due to RAOS Project's significant delays and inability to deliver the project. There have been significant and growing delays during the last years. The war in Ukraine has worsened the risks for the project. RAOS has been unable to mitigate any of the risks.

This means, that cooperation with RAOS Project is terminated with immediate effect and both the design and licensing work and works at the Hanhikivi 1 site with RAOS project end.

“Unfortunately, the termination of the EPC contract is estimated to have a significant employee impact in Fennovoima and is expected to impact also the supply chain companies and Pyhäjoki region. Our main objective is to support our employees by keeping them informed and work in close cooperation with both our employees and employee representatives. In addition, we focus on preserving the site”, says Joachim Specht, Fennovoima’s CEO.

“The decision to terminate the EPC contract with RAOS Project is not made lightly. In a such a large project there are significant complexities and decisions are made only after thorough considerations. We fully acknowledge the negative impacts and do our best to mitigate those”, says Esa Härmälä, chairman of the Board.


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