An international tribunal ruled that Fennovoima unlawfully terminated its contract with Russia's Rosatom for the Hanhikivi-1 nuclear power project in 2022.
Key facts
- •The ICC tribunal ruled that the termination of the Hanhikivi-1 contract by Fennovoima was unlawful.
- •Fennovoima cancelled the project in May 2022, citing delays and political risks.
- •The original 2013 contract was for a 1.2 gigawatt nuclear power plant.
- •Rosatom Director General Alexey Likhachev stated the company intends to continue legal efforts in other instances.
- •Fennovoima has ceased its primary operations to focus on legal proceedings following the project's end.
Russia's state nuclear corporation, Rosatom, announced on Saturday that an International Chamber of Commerce (ICC) tribunal ruled in its favor regarding a dispute with Finnish utility Fennovoima. The tribunal determined that Fennovoima's 2022 termination of the contract for the Hanhikivi-1 nuclear power plant project in northern Finland was unlawful.
By the numbers
Background of the Dispute
Fennovoima cancelled the 7 billion euro project in May 2022, citing significant delays and political risks following the start of the conflict in Ukraine. Rosatom stated that the tribunal found the project was progressing well at the time of the termination.
Project History and Legal Status
The contract for the 1.2 gigawatt plant was signed in 2013. The project was managed by a consortium where Finnish stakeholders held two-thirds control and the Russian side held one-third. Since the project's cancellation, Fennovoima has wound down operations and is primarily focused on ongoing legal proceedings. Rosatom Director General Alexey Likhachev stated the company will continue to pursue the matter in various courts.
Timeline
- 2013The contract to build the Hanhikivi-1 plant was signed.
- May 2022Fennovoima cancelled the project citing delays and political risks.
- SaturdayRosatom announced the ICC tribunal ruled in its favor regarding the contract termination.
Advertisement
This article was independently rewritten by ManyPress editorial AI from reporting originally published by The Moscow Times.
