LAST UPDATE: 19.58
Russian utility company Inter RAO has announced it will suspend electricity exports to Finland from 1 a.m. Saturday, Finland’s electricity grid management company said.
The interruption in electricity exports is attributed to the difficulty of making payments for electricity sold on the market, Fingrid said in a statement, citing Inter RAO itself.
“There is no risk of electricity shortages in the Finnish grid,” he said, noting that quantities imported from Russia account for about 10% of Finland’s total electricity consumption.
“The import deficit will be covered by the import of larger quantities of electricity from Sweden and partly from domestic production,” Fingrid added.
He noted that Nord Pool, the pan-European energy exchange, has not paid Inter RAO since May 6 for the energy it has bought from the Russian company.
“Nord Pool is paying them. Fingrid is not part of this electricity transaction, we only provide the power transmission link from Russia to Finland,” Reima Paivinen, senior Fingrid vice president, told Reuters.
A Nord Pool spokesman said the company was not commenting on market issues.
Source: Capital
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