OREANDA-NEWS. February 20, 2009. Representative of Inter RAO Boris Zverev has said that the company has signed an agreement with the State Grid Corporation of China. “The contract has been signed, the supplies will start shortly,” Zverev said.

Executive Vice President of the State Grid Corporation of China Shu Yinbiao told Bloomberg that the contract had been signed for three months – from Mar till May 2009. Inter RAO will supply 70mln-80mln KWh a month (which is equivalent to 840mln-960mln KWh a year).

The borderline supplies of Russian electricity to China were stopped Feb 2007 when the Federal Tariff Service raised the tariff so high that the Chinese consumer was no longer able to buy the electricity.

As a result, the Siberian and Far East power plants are now forced to waste flood water instead of earning money from the sale of electricity to China.

Inter RAO UES is controlled by Rosatom State Nuclear Energy Corporation, owns energy assets in Russia and abroad and exports/imports electricity.