Electrical energy market in Russia

Earlier Report Observations

From 2018 to 2020, Russia's electrical energy market volume showed mixed movements, starting at 1 103 TWh in 2018 and edging up to 1 109 TWh in 2019 before falling to 1 079 TWh in 2020. The initial years were characterized by continuous modernization of power generation facilities and grid infrastructure, which helped maintain stable output. In 2020, household electricity consumption rose by 1.6%, indicating resilience in residential demand, though overall market size contracted.

A strong recovery and expansion followed from 2021 onward, with market volume reaching 1 138 TWh in 2021 and climbing to 1 209 TWh by 2024. This growth was driven by several demand-side factors: a 7.6% surge in household consumption in 2021, the commissioning of the Taishet aluminum plant in December 2021 which boosted industrial load in Siberia, and the spread of cryptocurrency mining data centers. On the supply side, the addition of new power plants, including 801 MW of new capacity in 2022 and three new stations with 1.5 GW total in 2023, ensured generation could meet rising demand. Military-industrial complex enterprises and port activity in southern regions also contributed to higher consumption.

In 2025, electricity production stabilized at 1 194 TWh, slightly below the 2024 peak, while the sector continued to develop new generation units and focus on import substitution of equipment. Regulatory initiatives such as the government's EnergyNet roadmap aimed at removing administrative barriers and the approval of a long-term consumption forecast up to 2042 provided a framework for future investments. Tariff regulation for households remained in place, ensuring affordable access.

Production electrical energy in Russia

In kind, 2018-2021, T wh

Russia's electrical energy production reached 1 159 TWh in 2021, marking a 6.4% increase from the previous year. Looking at the period from 2018 to 2021, production grew by 4%, which translates to an average annual growth rate of 1.3%. The lowest production level was recorded in 2020 at 1 090 TWh, with the largest decline of 2.8% also occurring that year.

Annual dynamics of production in Russia in kind, 2018-2021, T wh

Exports electrical energy from Russia

Exports in kind, B Wh

The market experienced significant fluctuations during this period. The lowest export volume was recorded in 2020, while the highest was in 2021, with a peak-to-trough ratio of 1.9 times. In 2021, Russia exported 22 483 BWh of electrical energy, representing an 85.6% year-over-year increase. The minimum value was 12 111 BWh in 2020, and the largest decline of 30.2% also occurred that year.

Annual dynamics of product's exports from Russia in kind, 2018-2021, B Wh

From 2018 to 2021, Finland, Lithuania, and China consistently served as the primary destinations for Russia's electrical energy exports in kind. Finland accounted for 38.3% of exports, Lithuania for 21.3%, and China for 18.3%, collectively making up 77.9% of total export flows.

Structure of product's exports in kind by countries, 2018-2021

World map of product's exports from Russia in kind, 2018-2021

Exports in value, M $ US

The market displayed volatility over the observed period. Exports reached their lowest point in 2020 and peaked in 2021, with a 2.7-fold difference between these years. In 2021, the value of Russia's electrical energy exports was recorded at 1 327 million US dollars, showing a substantial rise of 171.6% compared to 2020. The minimum value was 489 million US dollars in 2020, and the largest decline of 46.4% also occurred that year.

Annual dynamics of product's exports from Russia in value, 2018-2021, M $ US

During 2018–2021, Finland, Lithuania, and China were the main buyers of Russian electrical energy in value terms. Finland represented 41.5% of exports, Lithuania 20.7%, and China 17.0%, together comprising 79.2% of total export value.

Structure of product's exports in value by countries, 2018-2021

World map of product's exports from Russia in value, 2018-2021

Imports electrical energy to Russia

Imports in kind, B Wh

The market saw noticeable fluctuations in performance during this period. Imports hit their lowest point in 2020 and peaked in 2018, with a 3.9-fold difference between these years. In 2021, Russia's electrical energy imports from abroad reached 1 564 BWh, which is 19.0% higher than the previous year. The minimum value was 1 314 BWh in 2020, and the largest decline of 72.1% also occurred that year.

Annual dynamics of product's imports to Russia in kind, 2018-2021, B Wh

From 2018 to 2021, Kazakhstan remained the dominant source for Russia's electrical energy imports in kind, holding an 89.2% share of total flows, while the remainder was distributed across other markets.

Structure of product's imports in kind by countries, 2018-2021

World map of product's imports to Russia in kind, 2018-2021

Imports in value, M $ US

After a two-year decline, Russia's imported electrical energy volumes increased in 2021. The country imported approximately 25 million US dollars worth of electrical energy that year, showing a solid gain of 12.3% compared to 2020. Over the period from 2018 to 2021, imports decreased by 70.2%, with a compound annual growth rate of -33.2%. The minimum value was recorded in 2020 at 23 million US dollars, and the largest decline of 60.2% occurred in 2019.

Annual dynamics of product's imports to Russia in value, 2018-2021, M $ US

Throughout 2018–2021, Kazakhstan played the leading role in Russia's electrical energy imports in value terms, accounting for 78.8% of total flows, with other markets making up the remainder.

Structure of product's imports in value by countries, 2018-2021

World map of product's imports to Russia in value, 2018-2021