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Payment issues halt Russian power exports to Finland

Power

13 May 2022 13:56

Helsinki

13 May 2022 13:56

(Montel) Rao Nordic will halt power imports from Russia to Finland from Saturday due to problems receiving payments for the electricity sold to the market, the cross-border trading operator said on Friday.

The Finland-based firm is a subsidiary of Russian energy giant Inter Rao, although it is not directly subject to Western sanctions over Russia’s war in Ukraine. However, its 51% owned Lithuanian subsidiary Inter Rao Lietuva has been penalised.

Normally, Rao Nordic’s trading volume has varied between 0-970 MWh/h. Trading is intended to continue when problems with payments have been resolved, it said.

A Rao Nordic spokesperson was not immediately available to comment when contacted by Montel.

Electricity imports from Russia covered 10% of Finnish power demand last year.

Finnish power prices could jump 30% if Russia power imports are permanently cut, according to consultancy Volue.

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