Exports dropped by 76% in the first half of this year, Chinese customs data shows
Electricity exports from Russia to China plummeted to record low levels in the first six months of this year, business daily Kommersant reported on Tuesday, citing Chinese customs data.
Between January and June, Russia’s power exporting company Inter RAO supplied about 465 million kWh to China, which is 76% less than during the same period last year. The publication cited low water availability, a lack of generation capacity, and repairs at thermal power plants in the Far East as reasons for the decrease.
If the trend continues, the exports could drop to their lowest level ever by the end of 2024. A solution would require the construction of new power plants, Kommersant reported, citing industry experts.
China’s share in Inter RAO’s electricity exports currently stands at 13%, while overall exports by the utility have decreased by 31%. The drop has been attributed to a suspension of trade with the EU. In the first half of last year, Inter RAO still supplied electricity to EU countries, board member Alexandra Panina said in January. Finland, the Baltic states, and Poland were among the company’s clients.
At the same time, deliveries to Mongolia rose by 50% and shipments to Kyrgyzstan increased by over 30%, Kommersant reported, citing Inter RAO’s figures.
Earlier this month, Russia and China held talks to discuss ways of increasing electricity supply from Russia’s Far East to Asia’s largest economy amid the tight supply in the region.
Following Ukraine-related sanctions imposed by the EU in 2022, Russia redirected its energy flows to Asia. China has emerged as the largest buyer of Russian oil since Brussels imposed a ban on crude from the country in December 2022. The Asian nation also became a leading customer for Russian natural gas, which flows there via the Power of Siberia mega pipeline.
