Fennovoima to cuts 350 jobs by year end

The nuclear power company Fennovoima will cut about 350 jobs by the end of this year following termination of its agreement with Russian state-owned firm Rosatom resulting cancellation of the Hanhikivi 1 nuclear power plant.

On 10 May 2022, Fennovoima started the change negotiations, concerning its entire personnel, which ended on Tuesday, said the company in a press release on Wednesday.

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.

“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,” said Joachim Specht, Chief Executive Officer of the company.

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.