Russia's InterRAO says electricity exports to fall 4% this year because of lower supply to China
ST PETERSBURG, June 24 (Reuters) - Russian electricity exports are down by about 4% so far this year because of a big drop in supplies to China, and are projected to fall by the same amount for the whole of 2025, the head of state energy holding InterRAO (IRAO.MM), opens new tab said.
InterRAO, the sole operator for Russia's electricity imports and exports, saw its total exports fall by 17.6% in 2024 to 8.53 billion kilowatt-hours. This decline was driven by restrictions in the Russian Far East power system, which curtailed exports to China.
Kazakhstan accounted for nearly 54% of Russia's electricity exports in 2024, making it the country's largest export market.
"As of mid-June, total electricity exports have decreased slightly - by about 4%. This is mainly due to a decrease in exports to China. The main supplies are to Kazakhstan and Mongolia, where we expect export volumes to remain high," InterRAO head Sergei Dregval told reporters.
"We expect (exports) to be about the same for the year - minus 4%," he said.
Dregval said future export volumes would depend on several factors, including domestic and international electricity prices and the rouble exchange rate.
Exports to China have dropped by 44% since the start of 2025, Dregval said, attributing the decline to export restrictions prompted by surging electricity demand in the Russian Far East and a shortage of hydro resources in eastern hydroelectric reservoirs.
Given these ongoing constraints, InterRAO expects electricity exports to China this year to be below 2024 levels.
The company, which also owns generating assets in Russia and abroad, expects electricity production at its Russian assets to grow by about 1-2% in 2025, Dregval said.
In the first half of the year, production in Russia is expected to reach 65 billion kilowatt-hours, which is 2% higher than last year's level, he added.
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