Finland’s Fennovoima denies Rosatom claims on nuclear plant arbitration

Finland’s Fennovoima denies Rosatom claims on nuclear plant arbitration

The situation surrounding the arbitration between Finland’s Fennovoima and Russia’s Rosatom over the canceled Hanhikivi-1 nuclear power plant project is complex, with conflicting claims from both sides. Here’s a summary:

Fennovoima’s Claim:

• On February 27, 2024, Fennovoima denied claims by Rosatom that an arbitration court had issued a decision against them.
• They emphasize that only the first stage of hearings has concluded.

Rosatom’s Claim:

• Rosatom’s CEO, Alexei Likhachev, stated on February 26, 2024, that the arbitration court had made “initial findings” against Fennovoima, characterizing their actions as “unreasonable and politically motivated.”

Background:

• In May 2022, Fennovoima terminated the €7 billion contract with Rosatom, citing delays and the war in Ukraine as reasons.
• Both companies are seeking billions in compensation from each other through the ongoing arbitration.

Current Status:

• The official outcome of the arbitration is still unknown, and further hearings are expected.

It’s important to note that both sides have vested interests and may present information biased towards their positions. It’s crucial to stay updated and consult credible sources for future developments in this ongoing dispute.