Russia has been used to exporting electricity from Europe. However, due to its inexpensive nature these days, they will be forced to import it from Finland. The low electricity prices have made the commodity lucrative for Russia to import it. The Russian report shows that the price of electricity might rise the next minute. During the weekends, the price of electricity at the Nord pool is low, compared to the weekdays. The major factor that has affected the price of electricity is the dependence on wind farms as well as nuclear power stations. The energy surplus has also contributed to the decrease in electricity prices since now the winter has come to an end.
Since 1982, Russia has been exporting electricity regularly to Finland. This export caters for 10 percent of Finland’s yearly power usage. But with the constantly reducing price of electricity now, this consistent trade will create cheaper access to electric energy for household and commercials purposes. Nord Pool has four major electrical substations where the power is normally received to increase power availability and reliability in the region. Before formulating the electricity delivery schedule, both parties have to consider the European market and the electricity prices that will accompany the delivery.
The market price for electricity in Nordics has made the exportation of electricity from Russia to Finland very profitable hence making it possible to save electricity. Initially, the electricity feeds were 140 megawatts which were estimated to run for 13 hours, arguably from 9 a.m to 10 p.m. In accordance with the treaty signed by the two countries, Fingrid was scheduled to furnish the Finnish border. Fingrid is known to be Finland’s biggest power network. This renovation will now allow Russia to import electricity from Finland. The new treaty between the two countries will guarantee a sufficient flow of electricity between the two countries. Finland used to import power from Russia when there was no direct link to the competitive market ratings.