Helsinki (The Times Groupe)- Inter RAO, Russia’s largest electricity company, has reportedly stopped supplying electricity to Finland on Saturday.
RAO Nordic Oy, Inter RAO’s Finnish subsidiary, said in a statement on Friday that it is “forced to suspend the import of electricity” starting on May 14.
“Unfortunately, we regret to inform you that funds have not yet been credited to our bank account for the volumes sold on Nord Pool exchange since the 6th of May,” said the company in a statement.
“This is an exceptional situation, which has never occurred in over 20 years of trading history,” it added.
The national electricity transmission grid operator Fingrid Oyj also announced on Friday that RAO Nordic Oy will suspend electricity imports into Finland at 1:00 a.m. local time on Saturday.
“RAO Nordic has halted direct or bilateral sales of Russian electricity until further notice due to difficulties receiving payments for electricity sold on the market,” Fingrid said.
“Fingrid Senior Vice President of Power System Operations Reima Päivinen said the lack of electricity import from Russia will be compensated by importing more electricity from Sweden and generating more electricity in Finland.
It is expected that Finland will become self-sufficient in electrical energy in 2023, as its wind power generation increases every year, according to Fingrid.
Finland is expected to add 2,000 megawatts of wind power this year, according to the report.
According to Fingrid, Finland imports approximately 10% of its electricity from Russia.