The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Utilities Electricity, Gas, Steam And Air Conditioning Supply Electricity, Gas, Steam And Air Conditioning Supply 35.11 - Production of electricity
350 jobs Number of planned job losses
Announcement Date
21 June 2022
Employment effect (start)
22 June 2022
Foreseen end date
31 December 2022
Description
The nuclear energy company Fennovoima has concluded largescale cooperation negotiations and is laying off nearly all of the company’s staff, almost 350 people. The company has stated that at the beginning of 2023 less than ten of its current 356 employees will be employed.
The cooperation negotiations were initiated in May 2022, when Fennovoima announced the termination of its plant supply contract with Raos Project, a subsidiary of the Russian state-owned nuclear energy company Rosatom. Fennovoima and Raos Project had plans to build a Russian funded and manufactured nuclear power plant in Pyhäjoki, Finland. The project hit a dead end due to the Russian invasion of Ukraine. According to Fennovoima, the contract termination was due to significant delays and inability to perform the project. Rosatom is expected to take legal action against Fennovoima. The remaining staff force will focus on the upkeep of the construction site and prepare for the legal procedures to come.
Fennovoima is owned to 66 percent by a Finnish consortium of energy companies. The remaining 34 percent of the shares is owned by Rosatom. The nuclear power plant was supposed to contribute 10% of the total Finnish energy production.
Eurofound (2022), Fennovoima, Bankruptcy in Finland, factsheet number 107034, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/107034.
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