• Пн. Бер 20th, 2023

Economic news / Економічні новини

News of economy, energy, trade, finance / Новини економіки, енергетики, торгівлі, фінансів

Russia doubled electricity exports to China


Чер 23, 2022

Since the beginning of 2022, Russia has doubled its electricity exports to China. In five months, the country supplied China with a record 1.78 billion kWh worth $85.2 million. It is reported by “Kommersant”.

The price of electricity for Beijing remained the same, about $0.5 per 1 kWh. According to the average monthly exchange rate of the Central Bank, due to the volatility of the ruble, the most favorable rate was in March (5.5 rubles per kWh), in May it fell to 3.1 rubles.

Electricity consumption in China increased by 2.5 percent in the first five months of this year. Demand is also projected to grow by 5-6 percent to 8.8 trillion kWh, while Russia annually consumes 1.1 trillion.

The Russian operator Inter RAO supplies electricity to China from the Amur Region under a long-term contract. In addition, he is forced to look for new supply routes due to the suspension of exports to Finland, Latvia and Lithuania, which accounted for about 60 of the total. The publication notes a likely increase in electricity supplies to Mongolia, Azerbaijan, Kazakhstan and Georgia.

Earlier, the Lithuanian Ministry of Energy reported that since May 22, the Baltic countries have refused electricity from Russia. On May 13, the Lithuanian operator of the electricity transmission system Litgrid also announced the decision of RAO Nordic Oy (a subsidiary of the Russian Inter RAO) to suspend electricity supplies to Finland from May 14.