A Finnish nuclear energy company said Monday it has decided to terminate with immediate effect a contract with Russian state nuclear energy corporation Rosatom for the delivery of a nuclear power plant, in part due to the war in Ukraine which has worsened the risks for the project.
The company, Fennovoima, also cited significant delays and inability to deliver the project for terminating the deal to build the northern Finland Hanhikivi Nuclear Power Plant.
It was proposed to house a Russian-designed pressurized water reactor, with a capacity of 1200 MW and the nuclear power plant was to generate approximately 10% of Finland's electricity needs, the company said.
In April 2021, the company announced that construction was to begin in 2023 and commercial operation would start in 2029.
In a statement, Fennovoimas's CEO Joachim Specht said the decision is estimated to have a significant employee impact in Fennovoima and is expected to impact also the supply chain companies.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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