The Hanhikivi 1 project benefits the economy

The investments involved in the Hanhikivi 1 project improve employment, create new business and result in increased tax revenue. Hanhikivi 1 benefits Northern Ostrobothnia in particular,  but its effects extend to the whole of Finland.

A number of development projects are underway in Northern Ostrobothnia, the aim of which is to meet the needs of the Hanhikivi 1 project in a coordinated manner and in cooperation with various actors, and to make the most of the project during and after construction.

Fennovoima and RAOS Project are involved in many of these cooperation working groups, because we also want the region to benefit from the project. We provide up-to-date information about the project to actors in the area to support preparation.

The Hanhikivi 1 project brings work and accelerates growth

The share of the domestic investment in the Hanhikivi 1 project is approximately EUR 2 billion. Its economic effects extend to the whole of Finland and to national economy. For the Northern Finland in particular, Hanhikivi 1 is a significant stimulus for the economy.

During the construction period, a total of more than 20 000 people will work at the Hanhikivi peninsula, at the same time more than 4 000. More people in the region will mean growing demand for services, and the economy will have a positive turn.

The operating power plant directly employs 500 people. The cascade effect of these is to create a total of an estimated 2 600 new jobs in a number of sectors, for example as the need for services increases.
The Hanhikivi 1 project generates various direct and indirect tax revenues totalling EUR 70 million during infrastructure construction, EUR 342-564 million during the construction of the power plant and during the operation of the power plant EUR 49 million annually. *

In the Hanhikivi 1 project area, the gray economy is being actively prevented

Fennovoima and RAOS Project are committed to the effective prevention of the gray economy at the Hanhikivi 1 site. We ensure that the companies active at the site comply with Finnish labor legislation, handle statutory payments and obligations, and respect the worker’ rights in their operations. Cooperation with labor organizations, authorities and between Fennovoima and RAOS Project are essential elements of this work. 

All companies and workers who work at the Hanhikivi 1 construction site are registered into the site register. This way, we ensure that legal requirements are fulfilled for both companies and workers. This also secures all site workers’ right to terms of employment that follow Finnish labor agreements. The system allows us to perform real-time on-site inspections. Companies or workers who have not been registered into the site register will not be granted access permits to the construction site.

With the help of the site register system, Fennovoima can also carry out real-time inspections at the site and provide the Regional State Administrative Agency with real-time information on the persons working on the site, the training they receive and occupational safety at the site. The tax authorities and the Regional State Administrative Agency, as well as the Finnish Radiation and Nuclear Safety Authority STUK, receive a status report on the system whenever necessary.

Companies or employees not registered in the site register will not be granted access permits to the site.

Did you know that...

Fennovoima's Finnish owners are industrial companies and municipal energy companies that will use the energy they receive from the plant for their own needs. The Hanhikivi 1 project will benefit the whole of Finland with increased carbon dioxide-free electricity production.

When Fennovoima's nuclear power plant is in commercial use, Fennovoima will operate in accordance with the Mankala principle, i.e. shareholders will receive their share of the electricity generated by the nuclear power plant at cost price in accordance with the shareholdings. Fennovoima will therefore not make a profit or pay dividends as traditional businesses do.

*Source: Study of resource flows in the Northern Ostrobothnia (Council of Oulu Region and Raahe District Business Services, 2018). The domestic content used when assessing the impact ranged from 25 to 40 percent.