Hanhikivi-1 / Fennovoima Announces Departure Of Chief Executive Officer

By David Dalton
10 October 2019

Fennovoima Announces Departure Of Chief Executive Officer
Toni Hemminki joined Fennoviima in 2014. Photo: Susanna Kekkonen / Fennovoima
Fennovoima chief executive officer Toni Hemminki will leave the company at the end of the month, but will remain a management advisor until the end of 2019.

Fennovoima, the company behind the Hanhikivi-1 nuclear power plant project in Finland, said the search for a new CEO has begun. Meanwhile, Fennovoima chief operating officer Timo Okkonen will be acting CEO.

Mr Hemminki, who joined Fennovoima in 2014, is moving to Helsinki-based energy services company Wega. Fennovoima did not give any reason for his departure.

Mr Hemminki said earlier this year that the progress of Hanhikivi-1 was a disappointment in 2018 with a new estimated schedule postponing commercial operation by several years.

The new schedule was received from the plant supplier Raos Project, a subsidiary of Russian state nuclear corporation Rosatom, at the end of 2018.

It said the plant’s projected startup date had been pushed back to 2028, four years behind the original schedule and eight years later than the proposed start when Finland’s government approved the project in 2010.

At te time, Fennovoima said it had begun revamping its organisation to prepare for swifter progress.

Fennovoima, a consortium of Finnish industrial and energy companies, had warned in 2017 of potential delays, in part due to Rosatom’s problems with securing approval to begin construction from Finland’s Radiation and Nuclear Safety Authority.

Fennovoima said the aim now is to receive the construction licence and to start construction in 2021.

Hanhkivi-1 will be a 1,200-MW VVER pressurised water reactor. The reference plant for the unit Leningrad 2 in Sosnovy Bor, Russia.

According to Fennovoima’s website, the total investment cost for Hanhikivi-1 will be between €6.5 and €7bn, which includes initial plant costs, financing and waste management. This estimate has remained the same since spring 2014, when the original investment decision was made, Fennovoima said.

Pen Use this content