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Russia’s Inter RAO to halt power exports to Finland due to lack of payment

Russia’s Inter RAO to halt power exports to Finland due to lack of payment

HELSINKI, May 13 (Reuters) – Russian utility Inter RAO (IRAO.MM) will stop exporting electricity to Finland from Saturday at 0100 local-time (Friday at 2200 GMT) as it had not been paid, the Finnish grid company said on Friday .

The trade in electricity imported from Russia will be suspended “for the time being” due to difficulties in receiving payments for electricity sold on the market, Fingrid said in a statement, citing Inter RAO.

“There is no threat to the adequacy of electricity in Finland,” the grid said, adding that power from Russia accounted for some 10% of Finland’s total power consumption.

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“Missing imports can be replaced in the electricity market by importing more electricity from Sweden and partly also by domestic production,” it added.

Fingrid said Nord Pool, the pan-European power exchange, had not paid Inter RAO since May 6 for electricity it bought from the Russian utility.

“Nord Pool is the one paying for them. Fingrid is not a party in this electricity trade, we provide the transfer connection from Russia to Finland,” Reima Paivinen, Fingrid’s senior-vice president for operations, told Reuters.

A spokesperson for Nord Pool said the company did not comment on market information that customers have reported via urgent market messages (UMM).

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Reporting by Anna Pruchnika in Gdansk, Essi Lehto in Helsinki and Nora Buli in Oslo, editing by Gwladys Fouche

Our Standards: The Thomson Reuters Trust Principles.

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