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Inter RAO’s subsidiary will suspend electricity supplies to Finland from May 14 — Fingrid

RAO Nordic Oy said in a statement that the suspension of supplies was due to non-payment for the supplied electricity

MOSCOW, May 13. /TASS/. RAO Nordic Oy, a subsidiary of the Russian entity Inter RAO, will suspend imports of electricity to Finland at 1 am on Saturday 14 may, 2022, Finish electric grid company Fingrid announced on Friday.

RAO Nordic Oy noted that such a decision was made due to problems in receiving payments for electricity.

The company clarified the lack of electricity import from Russia will be compensated by importing more electricity from Sweden and by generating more electricity in Finland.

"Finland’s self-sufficiency in electricity generation is constantly improving. In particular, the amount of Finnish wind power generation is increasing every year. This year alone, an additional 2000 megawatts of new wind power is expected to come online. Finland is expected to become self-sufficient in electrical energy in 2023," Fingrid said.

In turn, RAO Nordic Oy said in a statement that the suspension of supplies was due to non-payment for the supplied electricity.

"RAO Nordic Oy has been importing electricity from Russia to Finland and selling it to Nord Pool exchange for many years. Unfortunately, we are forced to note that for the volumes which have been sold on Nord Pool exchange since the 6th of May funds have not yet been credited to our bank account. This situation is exceptional and happened for the first time in over twenty years of our trading history," the company said.

"Unfortunately, in the current situation of lack of cash income, RAO Nordic is not able to make payments for the imported electricity from Russia. Therefore, we are forced to suspend the electricity import starting from 14th of May," the company added. RAO Nordic Oy expressed hope that the situation will get improved soon and the electricity trade with Russia could resume.

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