INTER RAO UES BECOMES OWNER OF ARMENIAN ELECTRIC POWER GRID
Itar-Tass News Agency, Russia
Sept 26 2006
YEREVAN, September 26 (Itar-Tass) — Russia’s Inter RAO UES has come
to stay in Armenia, a country of economic growth, Chairman of the
Board of Directors Andrei Rappoport said on Tuesday.
The company has become the owner of the Armenian electric power grid,
which regulates the national distribution and selling of electricity.
Some 36,000 kilometers of power lines make deliveries to over 913,000
clients. The company is one of the largest taxpayers in Armenia.
"Inter RAO UES has made enough investments to feel comfortable,"
he said. Apart from the renovation of power lines and equipment, the
company will draft a program of future investments and a development
strategy.
Being the owner of a large part of the Armenian energy system, Inter
RAO UES will guarantee the stable deliveries of electric power,
he said.
"The skills and experience of Inter RAO UES in Russia and CIS countries
will upgrade the energy security of the republic," Armenian Deputy
Energy Minister Iosif Isayan said.
Inter RAO UES acquired the entire stock of the Armenian Electric
Power Grids from the British-based Midland Resources Holding for $73
million. The Britons were in control of the Armenian company for the
past four years. The collection of electricity payments increased
to 99.4%, while electricity losses reduced from 21 to 16.1% over
that period.
The Unified Energy System of Russia (UES) owns 60% of electricity
facilities in Armenia, including the Sevan-Razdan cascade of hydropower
plants, company general director Yevgeny Dod told Itar-Tass. The
board of directors has approved the investment of $20 million in the
Armenian electric power grids.
The Russian company also manages finances of the Armenian nuclear
power plant. The power plant has overcome a crisis and become profit
making with the Russian company’s help, Dod said.
From: Emil Lazarian | Ararat NewsPress
