Exports are unlikely to resume this year because the price has exceeded domestic electricity prices in China since January, making further purchases uneconomical for Beijing.
Inter RAO had supplied the electricity, exporting surplus power from Russia’s Far East to China. The supply contract with China’s State Grid Corporation was signed in 2012 and runs through 2037. Under the agreement, total deliveries were expected to reach approximately 100 billion kilowatt-hours over the full term, or about 4 billion kilowatt-hours per year.
Electricity prices in China have remained largely stable and are currently around 350 yuan ($50) per megawatt-hour.
In contrast, the single-rate cost of electricity in Russia’s Far East is expected to reach approximately 4,300 rubles ($55) per megawatt-hour by the end of January, marking a 42% increase from the beginning of last year.
Inter RAO stated that the export contract with China remains in force and that Russia does not intend to terminate it. The company added that electricity consumption in the Far East’s power system is growing rapidly and that a shortage of generation capacity has reduced export opportunities.
Russia’s Energy Ministry said electricity exports to China could resume if Beijing submits a request and the two sides reach mutually beneficial terms.
As previously reported, China’s trade with Russia declined in 2025 from a record high in 2024, marking the first drop in five years. Total trade turnover fell to 1.63 trillion yuan ($234 billion), amid weakening demand for Chinese cars in Russia and lower prices for Chinese imports of Russian crude oil.