(REUTERS) – Russian state-owned utility Inter RAO (IRAO.MM) will stop exporting electricity to Finland from Saturday because it has not been paid, the company's Finnish subsidiary said on Friday.
Inter RAO has not received payments for electricity sold via pan-European power exchange Nord Pool since May 6, the subsidiary said, without giving any reason.
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"This situation is exceptional and happened for the first time in over twenty years of our trading history," RAO Nordic, said in a statement.
Power imports to Finland will be halted from 1 a.m. local time on Saturday (2200 GMT on Friday) "for the time being," Finnish grid operator Fingrid said in a separate statement, citing RAO Nordic.