The suspension of power exports to the Nordic state comes after almost 10 days of non-payment
The electricity supply from Russia to Finland was stopped on Saturday, RAO Nordic said in a statement and explained that it had not received any payment for electricity supplied to the country in May.
“Unfortunately, we have to note that for the volumes that have been sold on the Nord Pool stock exchange since May 6, money has not yet been credited to our bank account.” sa the company, which is a subsidiary of the Russian state energy company Inter RAO.
The company expressed hope that the situation would be resolved and trade could resume. RAO Nordic had reportedly traded on the Nord Pool stock exchange for more than two decades.
“We hope that the situation will improve soon and that electricity trade with Russia can be resumed.” said the company.
On Friday, Finland’s transmission system operator Fingrid arrived sa there was no threat to the electricity supply in the country as a result of the move. The network company added that electricity imported from Russia accounted for about 10% of the country’s total consumption.
The shortage of electricity imports from Russia will be compensated by importing more electricity from Sweden and by generating more electricity in Finland. said Reima Paivinen, Fingrid’s senior vice president of power system operations.
In April, plans were announced to reduce electricity imports from Russia in cross-border connections, and said that they would import more from Sweden instead. At the same time, analysts say that a reduction in electricity purchases from Russia would increase Finnish power prices by 30%.