Finnish national grid operator Fingrid signed agreements recently with Russian grid company FGC UES to enable two-way trading of electricity between Finland and Russia, Finnish media reported on Tuesday.
According to online news service Good news from Finland, so far the cross-country transit of electricity has been only from Russia to Finland, but electricity will be soon transmitted in the other direction as well, said Fingrid, adding the two-way trading will begin in December.
"The trading of electricity between Finland and Russia will be steered by market prices," Jukka Ruusunen, President and CEO of Fingrid, was quoted as saying.
He added that export of electricity to Russia will be profitable, as the price of electricity is lower in Finland than in Russia.
Export of electricity from Finland to Russia has been successfully tested by using the transmission connection between the countries.
Finland's electricity prices are comparatively low in the European Union, due to competition in the electricity market combined with the unified electricity transmission and distribution system, which considerably improves the efficiency of energy use in the country.