Vantaa strives to break away from Fennovoima's nuclear power project

Due to the worsening international political situation, implementation of the project seems uncertain and Vantaa Energy Ltd should take all contractual measures to minimize the financial and legal risks related to the Hanhikivi 1 project in case the project should fail.

Based on the Government's public announcements, as well as on the EU's and Finland's sanctions against Russia, it does not appear to be possible to grant a building permit to the project. If this is the case, the Government must solve the issue as fast as possible and prevent impractical spending of public funds on the project. 

Vantaa Energy Ltd has invested €39.6 million in the project, and its overall responsibility would amount to at max. €90 million. Vantaa Energy Ltd could unilaterally break away from the project only by selling its shares in Voimaosakeyhtiö SF. Nevertheless, the company’s shares currently have no recognizable realistic market. Alternatively, Vantaa Energy Ltd could break away from the project by Fennovoima shareholders’ unanimous decision to terminate the building project. Moreover, the project could be terminated based on national and international orders or sanctions. 

Vantaa’s financial statement shows a surplus of €61.4 million

The city executive board also discussed Vantaa's 2021 financial statement. The second year of the coronavirus pandemic was positive as far as the city's finances are considered. The 2021 surplus amounts to €61.4 million, and the result for period increased by €6.2 million over the year before. In six years, Vantaa has managed to cut its long-term debt by altogether €229 million, and the city’s debt level is now among the lowest of the big cities. Furthermore, the city's balance sheet has strengthened.