Nordic will supply 2% of Russian electricity to Finland in 2003

A presentation of Nordic, which supplies Russian electricity to Finland, was held in Helsinki yesterday. 'Finland is the only EU country which borders Russia and, more importantly, it has a long history in the electricity industry,' Acting Director of Nordic Oleg Zakatayev announced at the presentation.

He said that northern countries were the most attractive market for the company at present. 'Finland is a natural route for Nordic onto the European market,' Mr Zakatayev stressed, adding that the company is now featured on the Nord Pool Scandinavian stock exchange for electricity. This year the company is planning to supply Finland with 250 megawatts of electricity (2% of Finland's total electricity consumption).

Nordic is an affiliate of Inter UES, which is owned by UES of Russia. The company was registered in October 2002 and its first contracts were signed in December 2002.