Introduction of export duties on electricity directly affects Inter RAO, company is assessing the consequences

SOCHI. Sept 22 (Interfax) - The introduction of export duties on electricity supplied from Russia directly affects PJSC Inter RAO , company representative Alexandra Panina told reporters on the sidelines of the Market Council conference.

"There are no exceptions for the electric power industry. We are considering the consequences for ourselves," Panina said.

One positive point for Inter RAO is that duties do not apply to Eurasian Economic Community countries, she said.

"These duties do not apply to exports to the EurAsEC countries. And now, the main volumes are going to the EurAsEC countries. The largest buyer is Kazakhstan," Panina said.

"The most material issues will arise with China and Mongolia," she emphasized.

The day before, the Russian government approved a resolution according to which, from October 1, 2023 until the end of 2024, an export duty will be introduced in Russia on a wide range of goods (among the exceptions are oil, gas, grain and timber) in the amount of 4-7% at the dollar exchange rate of 80 rubles, and higher (the duty rate increases as the ruble weakens).

Inter RAO is the only electricity export/import operator in Russia.