mardi 30 décembre 2014
Ruble Slide Lets Russia Tap Power Export Market for Euros
Posted on 15:53 by nice news
Russia’s electricity exports to Finland rose to a two-year high as the ruble’s worst slide since 1998 made power sales in euros more lucrative.
Sales to Finland, Russia’s main power trading partner, increased 79 percent this month from a year earlier, according to data from Nord Pool Spot AS, the Oslo-based electricity exchange. The exports will boost revenue at Russian state-run power producer OAO Inter Rao UES, according to spokesman Nikolay Gorelov in Moscow.
The ruble plunged 34 percent against the euro this year, the most among 24 developing countries monitored by Bloomberg, as falling oil and economic sanctions stifle growth. While Russia would earn more selling electricity to the Baltic states, physical export limits to those countries mean the power flows to Finland through a 1,400-megawatt cable.
“The move by Inter Rao allows them to earn foreign currency and bring it back into Russia,” Chris Weafer, founder of consultants Macro Advisory in Moscow, said Dec. 23 by phone. “It makes sense because the country is looking to pull in foreign currency wherever it can.”
Steeper Drop
Russian export power prices fell to about 35 euros ($43) a megawatt-hour this month, compared with about 50 euros for most of 2014 before the ruble’s drop sped up
Sales to Finland, Russia’s main power trading partner, increased 79 percent this month from a year earlier, according to data from Nord Pool Spot AS, the Oslo-based electricity exchange. The exports will boost revenue at Russian state-run power producer OAO Inter Rao UES, according to spokesman Nikolay Gorelov in Moscow.
The ruble plunged 34 percent against the euro this year, the most among 24 developing countries monitored by Bloomberg, as falling oil and economic sanctions stifle growth. While Russia would earn more selling electricity to the Baltic states, physical export limits to those countries mean the power flows to Finland through a 1,400-megawatt cable.
“The move by Inter Rao allows them to earn foreign currency and bring it back into Russia,” Chris Weafer, founder of consultants Macro Advisory in Moscow, said Dec. 23 by phone. “It makes sense because the country is looking to pull in foreign currency wherever it can.”
Steeper Drop
Russian export power prices fell to about 35 euros ($43) a megawatt-hour this month, compared with about 50 euros for most of 2014 before the ruble’s drop sped up
Ruble Slide Lets Russia Tap Power Export Market for Euros
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