Economic responsibility means us producing value for shareholders over the long term and generating a positive impact on the Finnish national economy. The investments involved in the Hanhikivi 1 project improve employment, create new business and result in increased tax revenue.
Our Finnish owners are industrial corporations and municipal power utilities that will use the generated energy for their own purposes. The emission-free electricity from Hanhikivi 1 will benefit the whole country.
When commercial operation of the nuclear power plant begins, the company will operate in line with the Mankala principle, which means that shareholders are able to purchase electricity at cost price in proportion to their shares of ownership. Fennovoima is therefore not expected to make a profit or pay dividends as traditional businesses do.
Hanhikivi 1 project offers employment and boosts growth
The Hanhikivi 1 project is a major investment that will benefit the whole Finland and its economy. The impact of preparatory work alone, including the construction of a harbor and auxiliary buildings, will be considerable.
The total employment impact of the construction of infrastructure and auxiliary buildings will be approximately 3,000 man- years in Finland. More than one third of this (approximately 1,300 man-years) will take place in Northern Ostrobothnia. The preparatory construction work will accumulate a total tax revenue of more than EUR 70 million, of which more than EUR 30 million will be directed to Northern Ostrobothnia.
The impact of preparatory construction work can be seen also in the region’s gross regional product (GRP). With cascade effects included Hanhikivi 1 project is responsible for approximately 0.6 percent of the over- all GRP of Northern Ostrobothnia. During the construction of the nuclear power plant, the project's GRP impact, cascade effects included, will increase to 3.0–4.9 percent of Northern Ostrobothnia's GRP.
The positive impact on the national economy will multiply after the plant construction begins. During the entire construction phase, the Hanhikivi 1 project will generate a non-recurring total turnover increase of approximately EUR 2.5–3.9 billion in the whole of Finland, and will bring approximately EUR 1.1–1.7 billion in added value.
The indirect impact of the Hanhikivi 1 project presented above, is based on a study of resource flows in Northern Ostrobothnia, initiated in 2018 by the Council of Oulu Region and Raahe District Business Services. The impact of the Hanhikivi 1 project on the local economy was also investigated as part of the study. The study was conducted by Ramboll Finland Oy and the Natural Resources Institute Finland. The domestic content used when assessing the impact ranged from 25 to 40 percent.