# Fennovoima > Mediated Wiki article. Canonical URL: https://mediated.wiki/source/Fennovoima > Markdown URL: https://mediated.wiki/source/Fennovoima.md > Source: https://en.wikipedia.org/wiki/Fennovoima > Source revision: 1350728825 > License: Creative Commons Attribution-ShareAlike 4.0 International (https://creativecommons.org/licenses/by-sa/4.0/) {{Short description|Finnish nuclear power company}} {{Infobox company | name = Fennovoima Ltd | native_name = {{lang|fi|Fennovoima Oy}} | logo = Fennovoima logo.svg | logo_size = 200px | caption = | type = [Private](/source/private_company) [limited company](/source/osakeyhti%C3%B6) | fate = | predecessor = | successor = | foundation = 2007 | founder = | defunct = | location_city = [Helsinki](/source/Helsinki) | location_country = [Finland](/source/Finland) | location = | locations = | area_served = | key_people = Matti Suurnäkki ([CEO](/source/Chief_Executive_Officer)){{Cite web |title=Yrityshaku, Fennovoima Oy |url=https://www.kauppalehti.fi/yritykset/yritys/21256785#vastuuhenkilot |access-date=2025-08-31 |website=[Kauppalehti](/source/Kauppalehti) |language=fi}} | industry = [nuclear power](/source/nuclear_power) | products = | services = | revenue = | operating_income = | net_income = | aum = | assets = | equity = | owner = [Voimaosakeyhtiö SF](/source/Voimaosakeyhti%C3%B6_SF) (66 %) and [RAOS Voima Oy](/source/Rosatom) (34 %){{cite web|url=http://www.fennovoima.fi/en/fennovoima/owners|title=Fennovoima owners|accessdate=2016-03-31|publisher=Fennovoima|archive-url=https://web.archive.org/web/20150325052607/http://www.fennovoima.fi/en/fennovoima/owners|archive-date=2015-03-25|url-status=dead}} | num_employees = | parent = | divisions = | subsid = | homepage = [https://fennovoima.fi/ fennovoima.fi] | footnotes = | intl = }} '''Fennovoima Ltd''' ({{langx|fi|Fennovoima Oy}}){{Cite web |url=http://www.ytj.fi/english/yritystiedot.aspx?yavain=2070495&kielikoodi=3&tarkiste=DA57D2A0FA8ADC8F2EC68C274C7D41286CFE8FEA&path=1704;1736;2052 |title=Fennovoima Oy |accessdate=5 October 2011 |work=Business Information System |publisher=The National Board of Patents and Registration and the Tax Administration, Finland |location=Helsinki |url-status=dead |archiveurl=https://web.archive.org/web/20120329214254/http://www.ytj.fi/english/yritystiedot.aspx?yavain=2070495&kielikoodi=3&tarkiste=DA57D2A0FA8ADC8F2EC68C274C7D41286CFE8FEA&path=1704%3B1736%3B2052 |archivedate=29 March 2012 }}{{cite web|url=http://www.tem.fi/files/21386/Periaatepaatoshakemus_Fennovoima_.pdf |title=Fennovoima Oy. Yhtiöjärjestys |date=1 December 2008 |work=Ydinvoimalaitoksen periaatepäätöshakemus |publisher=Fennovoima Oy |location=Helsinki |page=22 |language=Finnish |trans-title=Fennovoima Ltd. Articles of Association |archiveurl=https://web.archive.org/web/20120405101921/http://www.tem.fi/files/21386/Periaatepaatoshakemus_Fennovoima_.pdf |archivedate=2012-04-05 |url-status=dead |accessdate=5 October 2011 |quote=Yhtiön toiminimi on Fennovoima Oy, ruotsiksi Fennovoima Ab ja englanniksi Fennovoima Ltd. [The trade name of the company is Fennovoima Oy, in Swedish Fennovoima Ab, and in English Fennovoima Ltd.] }} is a nuclear power company established by Russian state's nuclear company [Rosatom](/source/Rosatom) and a consortium of Finnish [state-owned](/source/State-owned_enterprise) power and industrial companies. The company does not own any nuclear capacities; however, it was preparing to build the 1200 MW [Hanhikivi 1 nuclear power plant](/source/Hanhikivi_Nuclear_Power_Plant) at [Pyhäjoki](/source/Pyh%C3%A4joki).{{cite news |title=New nuclear reactor to be built at Pyhäjoki|url=http://www.yle.fi/uutiset/news/2011/10/new_nuclear_reactor_to_be_built_at_pyhajoki_2925634.html|archive-url=http://web.archive.org/web/20111025081357/http://www.yle.fi/uutiset/news/2011/10/new_nuclear_reactor_to_be_built_in_pyhajoki_2925634.html|url-status=dead|archive-date=25 October 2011|work=YLE News|publisher=[Yle](/source/Yle)isradio|accessdate=5 October 2011|location=Helsinki|date=5 October 2011}} Fennovoima terminated the project in May 2022, citing significant delays and Rosatom's "inability to deliver the project".{{Cite news |title=Fennovoima pulls the plug on Russian-built nuclear plant |date=2022-05-02 |url=https://yle.fi/a/3-12425648 |access-date=2025-08-31 |work=Yle news}} After the termination of the project, Fennovoima laid off almost all of its employees and intiated [arbitration](/source/arbitration)s against Rosatom to claim compensation for damages.{{Cite web |title=Fennovoima claims damages from Rosatom |url=https://fennovoima.fi/2022/08/20/fennovoima-vaatii-rosatomilta-vahingonkorvauksia-fennovoima-claims-damages-from-rosatom/ |date=2022-08-20 |access-date=2025-08-31 |publisher=Fennovoima}} == Shareholders == Finnish industry, trade and the energy companies in need of their own electricity production started the company in 2007. Originally Fennovoima was created as a partnership between Voimaosakeyhtiö SF, a cooperative producing electricity for its owners' needs at production cost in proportion to their ownership share (Mankala), with 66% and the German power company [E.ON](/source/E.ON) with 34%. After E.ON's withdrawal from Finland, Voimaosakeyhtiö SF briefly owned 100% of Fennovoima shares. {{cite news | url= http://world-nuclear-news.org/C-EOn_withdraws_from_Fennovoima-2410124.html | title= EOn withdraws from Fennovoima | date= 24 October 2012 | work= World Nuclear News | accessdate= 26 October 2012}}{{cite news | url= http://www.hs.fi/english/article/BREAKING+NEWS+EOn+pulling+out+of+Fennovoima+%E2%80%93+Pyh%C3%A4joki+nuclear+project+in+jeopardy/1329104985758| title= E.On pulling out of Fennovoima – Pyhäjoki nuclear project in jeopardy | date= 24 October 2012 | newspaper = [Helsingin Sanomat](/source/Helsingin_Sanomat) | accessdate= 12 January 2014}}{{cite press release | url= http://www.fennovoima.com/en/news/news/voimaosakeyhtio-sf-purchased-e-on-s-share-in-fennovoima | title= Voimaosakeyhtiö SF purchased E.ON's share in Fennovoima | date= 15 February 2012 | publisher = Fennovoima | accessdate= 12 January 2014}} According to the agreement with [Russia](/source/Russia)n [Rosatom](/source/Rosatom), RAOS Voima Oy, a Finnish subsidiary of Rosatom, acquired a 34% stake which previously belonged to E.ON.{{cite news |url=http://www.world-nuclear-news.org/C-Rosatom-buys-into-Fennovoima-2803144.html|title=Rosatom buys into Fennovoima|date=28 March 2014|work=World Nuclear News|accessdate=8 April 2014|archive-url=https://web.archive.org/web/20140329101516/https://www.world-nuclear-news.org/C-Rosatom-buys-into-Fennovoima-2803144.html|archive-date=29 March 2014|url-status=dead}} Although RAOS Voima was prepared to take 49% in the project, Voimaosakeyhtiö SF committed to own more than half of the power plant and aimed to increase the share of Finnish companies up to 66%.{{cite news | url= http://www.world-nuclear-news.org/C-Finnish-firms-commit-to-Fennovoima-2802145.html | title= Finnish firms commit to Fennovoima | date= 28 February 2014 | work= World Nuclear News | accessdate= 8 April 2014}} As of 2014, Voimaosakeyhtiö SF has 44 shareholders. ==Power plant project== {{main article|Hanhikivi Nuclear Power Plant}} On 21 April 2010, the Government of Finland decided to grant a permit (Decision-in-Principle) to Fennovoima for construction of a nuclear reactor.{{cite news | url= http://www.world-nuclear-news.org/newsarticle.aspx?id=27568 | title= Two out of three for Finland | date= 2010-04-21 | work= World Nuclear News | accessdate= 2010-05-01 | archive-url= https://web.archive.org/web/20120318013202/http://www.world-nuclear-news.org/newsarticle.aspx?id=27568 | archive-date= 2012-03-18 | url-status= dead }}{{cite news | url= http://www.neimagazine.com/story.asp?sectioncode=132&storyCode=2056166 | title= Finnish government says yes to TVO and Fennovoima | date= 2010-04-21 | work= Nuclear Engineering International | publisher= Global Trade Media | accessdate= 2010-05-01 | url-status= dead | archiveurl= https://web.archive.org/web/20110613090534/http://www.neimagazine.com/story.asp?sectioncode=132&storyCode=2056166 | archivedate= 2011-06-13 }}{{cite news | url= http://energy.worldconstructionindustrynetwork.com/news/finland_approves_nuclear_power_license_to_fennovoima_100507/ | title= Finland approves nuclear power license to Fennovoima | date= 2010-05-07 | work= World Construction Industry Network | accessdate= 2010-05-07 | archive-date= 2011-07-18 | archive-url= https://web.archive.org/web/20110718113551/http://energy.worldconstructionindustrynetwork.com/news/finland_approves_nuclear_power_license_to_fennovoima_100507/ | url-status= dead }} The decision was approved by the Parliament on 1 July 2010.{{cite news | title = Finnish parliament agrees plans for two reactors | work = [Reuters](/source/Reuters) | last = Kinnunen | first = Terhi | date = 2010-07-01 | url = http://uk.reuters.com/article/idUKLDE6600ED | archive-url = https://web.archive.org/web/20160303185447/http://uk.reuters.com/article/idUKLDE6600ED | url-status = dead | archive-date = March 3, 2016 | accessdate = 2010-07-02}}{{cite news | title = Finland names 1st nuclear site after Fukushima | work = [Reuters](/source/Reuters) | last = Kinnunen | first = Terhi | date = 2011-10-05 | url = https://www.reuters.com/article/us-finland-nuclear-idUSTRE7941VD20111005 | accessdate = 2011-10-05}} The estimated construction time is six years until 2024. The chosen plant model was [Rosatom](/source/Rosatom)'s pressurized water reactor [AES-2006](/source/VVER) which is the latest evolution of [VVER](/source/VVER) plant designs. The other bidders for the project were [Areva](/source/Areva) and [Toshiba](/source/Toshiba). Fennovoima began direct negotiations with Rosatom in April 2013. On 21 December 2013, Fennovoima and Rosatom Overseas, a subsidiary of Rosatom, signed a plant supply contract. The plant was planned to be commissioned by 2024.{{cite news | url = https://www.reuters.com/article/us-fennovoima-rosatom-idUSBRE9BK05G20131221 | title = Finland's Fennovoima signs reactor deal with Rosatom | work = [Reuters](/source/Reuters) | date = 21 December 2013 | accessdate = 12 January 2014}}{{cite press release | title = Fennovoima and Rusatom Overseas signed plant supply contract | publisher = Fennovoima | date = 2013-12-21 | url = http://www.fennovoima.fi/en/news/news/fennovoima-and-rusatom-overseas-signed-plant-supply-contract | accessdate = 2014-01-12 | archive-url = https://web.archive.org/web/20140101021644/http://www.fennovoima.fi/en/news/news/fennovoima-and-rusatom-overseas-signed-plant-supply-contract | archive-date = 2014-01-01 | url-status = dead }} On 28 February 2014 Voimaosakeyhtiö SF made the final decision to participate in Fennovoima's nuclear power plant construction. The final investment decision was to be made in 2014. Fennovoima submitted an application at the end of June 2015 including the stakeholder with a 35 percent share of the Russian firm [Rosatom](/source/Rosatom) and a percent share of [Croatia](/source/Croatia)n power company [Migrit Energija](/source/Migrit_Energija).[http://yle.fi/uutiset/fennovoima_gets_new_croatian_owners_hits_permit_deadlinebut_questions_remain/8116136 Fennovoima gets new Croatian owners, hits permit deadline—but questions remain] 30.6.2015 In August 2015, the public was informed that Migrit Solarna Energija would not be involved in the venture after it was reviewed to be owned by [Sberbank Russia](/source/Sberbank).{{Cite web |date=2015-07-16 |title=Kroatialaisyhtiön rahoitus 100-prosenttisesti venäläisten hallussa |url=https://www.mtvuutiset.fi/artikkeli/kaleva-kroatialaisyhtion-rahoitus-100-prosenttisesti-venalaisten-hallussa/5228500 |access-date=2022-09-01 |website=mtvuutiset.fi |language=fi}} Fennovoima terminated the project in May 2022 due to significant delays and Rosatom's "inability to deliver the project". The company added that the [Russian invasion of Ukraine](/source/Russian_invasion_of_Ukraine) further increased the risks of the project. == Criticism and financials == {{anchor|Critics}} {{anchor|Public}} In July 2015 less than a third of Finns supported a Fennovoima nuclear plant.[http://yle.fi/uutiset/less_than_a_third_of_finns_support_fennovoima_nuclear_plant/8176307 Less than a third of Finns support Fennovoima nuclear plant Yle News 23.7.2015] The company's financial plans assume the plant will be able to sell electricity at no more than 50 €/MWh across its lifetime,{{cite news |url=http://www.world-nuclear-news.org/NP-Nuclear-power-chiefs-assess-path-to-new-capacity-growth-18091501.html |title=Nuclear power chiefs assess path to new capacity growth |publisher=World Nuclear News |date=18 September 2015 |accessdate=21 September 2015|quote=Pekka Ottavainen, former chairman of Voimaosakeyhtiö, the cooperative of Finnish companies that owns Fennovoima, previously said the plant will deliver electricity at "no more than" €50/MWh.}} while the [International Energy Agency](/source/International_Energy_Agency) estimates [LCOE](/source/LCOE) of 150 $/MWh for nuclear in the EU in 2020 (115 $/MWh in 2050), twice as expensive as offshore wind (75 $/MWh).{{cite web|url=https://iea.blob.core.windows.net/assets/deebef5d-0c34-4539-9d0c-10b13d840027/NetZeroby2050-ARoadmapfortheGlobalEnergySector_CORR.pdf|at=page 201, Table B.1: Electricity generation technology costs by selected region in the NZE|title=Net zero by 2050: A Roadmap for the Global Energy Sector|author=[International Energy Agency](/source/International_Energy_Agency)|date=2021-10-01}} ==See also== {{Portal|Finland|Energy}} *[Energy in Finland](/source/Energy_in_Finland) *[Nuclear power in Finland](/source/Nuclear_power_in_Finland) ==References== {{Reflist|30em}} ==External links== * {{official website}} Category:Nuclear power companies of Finland --- Adapted from the Wikipedia article [Fennovoima](https://en.wikipedia.org/wiki/Fennovoima) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Fennovoima?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.