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Russia cuts off electricity supply to Finland — RT Business News

Suspension of power exports to Nordic state comes after nearly 10 days of non-payment

Russia’s electricity supply to Finland was interrupted on Saturday, RAO Nordic said in a statement, explaining that it had not received any payment for electricity supplied to the country in May.

“Unfortunately, we are forced to note that for the volumes that have been sold on the Nord Pool exchange since May 6, the funds have not yet been credited to our bank account,” he added. said the company, which is a subsidiary of Russian state energy company Inter RAO.

The company expressed hope that the situation would be resolved and trade could resume. RAO Nordic is said to have traded on the Nord Pool exchange for more than two decades.

“We hope that the situation will improve soon and that electricity trade with Russia can resume,” he added. says the company.

On Friday, Finland’s transmission system operator Fingrid said there was no threat to the country’s electricity supply as a result of the decision. The grid company added that electricity imported from Russia represents about 10% of the country’s total consumption.

“The lack of electricity imports from Russia will be compensated by importing more electricity from Sweden and producing more electricity in Finland”, said Reima Paivinen, senior vice president of power system operations at Fingrid.

In April, it announced its intention to reduce electricity imports from Russia in cross-border connections, saying it would import more from Sweden instead. At the same time, analysts say that reducing electricity purchases from Russia would increase Finnish electricity prices by 30%.

The country’s media also reported that Russia may stop supplying natural gas to Finland on Friday due to the country’s bid to join NATO. Russia has not confirmed the information.

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