IEC OF ARMENIA INTENDS TO RISE PRICE OF ELECTRICITY
SUPPLIED TO GEORGIA BECAUSE OF DECLINE IN USD/AMD EXCHANGE RATE IN ARMENIA
YEREVAN, APRIL 18. ARMINFO. The CJSC International Energy Corporation
(IEC) of Armenia intends to rise the price of the electricity supplied
to Georgia, Deputy Director General of IEC Mels Hakobyan informs
ARMINFO’s correspondent. In his words, the recent decline of the USD
exchange rate in the internal market of Armenia made the transaction on
export of Armenian electricity unprofitable. At present, the company
supplies 1.8 mln Kw/h electricity to Georgia for 2.75 cents per 1
kW/h. In the winter period, IEC supplied 2.5 mln kW/h electricity
to Telasi company, which is a buyer of the Armenian electricity. IEC
intends to rise the prices as much as the USD has fallen. At resent
1 USD is purchased in the internal market of Armenia for 430 AMD as
against 478 AMD at the beginning of the year. The company expected
a relevant decision of the Georgian Energy Commission. Hakobyan notes
that electricity supply to Georgia has started since the end of 2004.
CJSC IEC was founded in May 2003 by RJSC UES of Russia holding
for exploitation of Sevan-Hrazdan Cascade of HPPs. The company is
licensed by the Armenian Commission for Public Service to produce
electricity for 15 years and to export it. Sevan-Hrazdan Cascade of
Sevan, Hrazdan, Argelan, Arzni, Kanakaer, Yerevan HPPs is the main
producer of electricity in Armenia. Its capacity is 556 megawatt, which
is some 18% of the total capacity of the power engineering in Armenia.