Page 5 - EurOil Week 20 2022
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EurOil                                       COMMENTARY                                               EurOil
















































                         subsidiary said on May 13. Inter RAO’s unit said  required in rubles, it told Reuters: “We have
                         the group had not received payment for electric-  never had settlements in rubles, only in
                         ity sold on the pan-European power exchange  euros, Norwegian crowns, Swedish crowns
                         Nord Pool since May 6, without specifying a rea-  and Danish crowns, in line with our standard
                         son for this.                        procedures.”
                           “This situation is exceptional and happened   Regarding Finland’s gas needs, Gasgrid Fin-
                         for the first time in over twenty years of our trad-  land is working with Estonian energy company
                         ing history,” RAO Nordic said in a statement.  Elering on jointly leasing a FSRU that will be
                           Russian power supplies to Finland will be  positioned off Finland’s south coast later this
                         halted at 01:00 on May 14 “for the time being,”  year. The vessel is due to arrive in the autumn,
                         Finnish grid operator Fingrid said in a separate  ahead of the next winter heating season. If the
                         statement. Fingrid added that there was no risk  infrastructure in Finland is not ready to receive
                         of disruption to the Finnish energy system, not-  the FSRU’s gas in time, then the vessel will ini-
                         ing that Russian imports only accounted for 10%  tially be anchored off Estonia.
                         of the country’s overall consumption.  Throwing a spanner in the works for the Nato
                           “Missing imports can be replaced in the  aspirations of both Finland and neighbouring
                         electricity market by importing more electricity  Sweden, alliance member Turkey has said it will
                         from Sweden and also by domestic production,”  not support their application to join. Turkish
                         the operator said.                   President Recep Tayyip Erdogan said on May 13
                           Fingrid began making preparations for a  that his country is “not favourable” to the idea.
                         cut in Russian power supply three weeks ago by   “We are following developments concerning
                         curbing transmission capacity by a third. The  Sweden and Finland, but we are not of a favour-
                         operator said that it had been informed by ROA  able opinion,” Erdogan told reporters.
                         Nordic that the Russian supply would be halting   An application to join Nato requires the
                         supply because of payment difficulties with Nord  approval of all 30 of the alliance’s members. Yet
                         Pool.                                despite being a member, Turkey has sought to
                           “Nord Pool is the one paying for them. Fin-  play a neutral role in the current conflict between
                         grid is not a party in this electricity trade,” the  Russia and the West, including by hosting peace
                         operator told Reuters. “Fingrid is not a party in  talks between the Russian and Ukrainian sides
                         this electric trade. We provide the transfer con-  on its territories. It has also opposed interna-
                         nection from Russia to Finland.”     tional sanctions against Russia, and is one of the
                           Nord Pool declined to comment on the  few European nations that still allows Russian
                         report. Asked whether payments had been  aircraft to enter its airspace. ™



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