ARMENIAN POWER UTILITY BOOSTS REVENUE 27% IN 2005

Interfax News Agency
Russia & CIS Business and Financial Newswire
March 16, 2006 Thursday

Electrical Network of Armenia (ENA)

boosted revenue tentatively 27% in 2005 to $165 million, Vladislav
Andreyev, the company’s financial director, told Interfax.

Andreyev said the figure reflected a stronger dram against the
dollar. He said revenue in the local currency only grew 9%.

ENA also had higher electricity consumption in a growing economy to
thank for the jump in revenue, he said.

Yevgeny Gladunchuk, ENA’s general director, told Interfax that
electricity sales rose 12% to 4.381 billion kilowatt-hours. He said
sales in Armenia itself rose 8% to 4.168 billion kWh. Households
consumed 45% of the electricity.

Andreyev, for his part, said the cost of buying electricity from
power stations soared 46% last year, and revenue from the sale of
this electricity grew just 26%, reflecting the company’s reduced
tariff margin compared with 2004.

ENA is Armenia’s electricity sales monopoly and is the country’s
biggest enterprise by revenue.