Finland Suffers Blackout Over Debt To Russia

Finland Suffers Blackout Over Debt To Russia

Finland’s electricity supply from Inter RAO, a Russian state-owned utility has been suspended over issues with payment.

RAO Nordic, the company’s Finnish subsidiary via a statement said the halt in electricity supply to the Scandinavian country was happening for the first time in over two decades.

“This situation is exceptional and happened for the first time in over twenty years of our trading history,” it said.

Rao Nordic said that it was “forced to suspend the electricity import” from May 14″.

It added that the energy firm was not able to make payments for the imported electricity from Russia.

Fingrid, a Finnish grid company, confirmed that power imports to Finland would be halted from 1 a.m. local time on Saturday “for the time being”.

It added it was facing problems in receiving payments for selling electricity in the market.

Fingrid added there was no threat to Finnish supplies and that power from Russia accounted for some 10 per cent of Finland’s total consumption.

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

Meanwhile, Finland would formally announce plans its decision to join NATO on Sunday.

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