June 9, 2015

Electricity exported from Finland to Russia

It makes economic sense to export electricity to Russia if electricity prices are lower in Finland than in Russia.
It makes economic sense to export electricity to Russia if electricity prices are lower in Finland than in Russia.
PIXABAY

Electricity was exported from Finland to Russia for the first time last Sunday. The export took place during 13 hours between 9am and 10pm at a capacity of 140 megawatts, with 320 megawatts for commercial use. The news was reported by Yle.

This is a historic first, as electricity has traditionally been imported from Russia to Finland, not the other way round. The energy export is the result of a two-way trade agreement signed in November 2014. In the past, electricity transmission has only been possible from Russia to Finland.

According to Yle, exporting electricity to Russia became viable since the price of electricity is lower in Finland than in Russia. The low price of electricity can be attributed to, among other things, the season and the currently high availability of hydropower and wind power. In addition, nuclear power plants are currently operating at large capacities.

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