Power industry yet to be excluded from sectors subject to export duty - Russian energy minister

MOSCOW. Nov 7 (Interfax) - A final decision to exclude the power industry from the sectors subject to export duty has not been reached, Russian Energy Minister Nikolai Shulginov said on the sidelines of the Russia Forum on November 4.

"For now, work goes on taking the fact that the company [Inter RAO ] has reached an agreement with its counterparties into account," he said.

The Russian government recently approved a resolution to impose export duties from October 1, 2023 to the end of 2024 on a broad range of goods in the amount of 4%-7% when the dollar's exchange rate is 80 rubles or more; the duty increases as the ruble weakens.

Inter RAO is Russia's sole electricity export and import operator.

Inter RAO said in October that it had reached agreement with China to include duty in the cost of electricity exports.

Also, the Market Council's Supervisory Board at a meeting on October 27 adopted changes to the energy market regulations, providing for the profit margin on electricity supplies to China to be included in export duties - the changes were due to come into force on November 1

"Our amendment is now needed so that this price increase can get through to us, as an exporter, so that we can pay it [the duty] to the Russian budget. Payment will be made by the Chinese partners. Inter RAO will have a margin of 5%, plus what China will pay," company spokesperson Alexandra Panina has said, commenting on the need for the changes.

Nothing will change for consumers in the Far East, she said.