PSRC APPROVES AEN INVESTMENT PROGRAM
ARMENPRESS
Apr 10 2007
YEREVAN, APRIL 10, ARMENPRESS: Armenia’s Public Services Regulatory
Commission (PSRC) has approved today the investment program of the
Armenian Electrical Networks (AEN) company for 2007-2009, whereby
the Russian-owned company has pledged to spend a total of 27 billion
Drams in the next three years to upgrade one of the biggest power
grid facilities of the country.
Yury Gavrilenko, an official of the AEN, owned by a subsidiary of
the Russian Unified Energy Systems (UES), said the company plans
to invest 12,2 billion Drams this year to upgrade the facility and
improve its safety operation.
AEN was sold to Interenergo BV, a subsidiary of the Unified Energy
Systems (UES), Russia’s main power utility, for $73 million.
Before the sale it was owned by a British-registered Midland Resources
Holding Ltd, which bought the energy distributing networks at $37
million in 2002. The Armenian government expected at that time the
privatization to put an end to huge annual losses, about $50 million,
at the state-run enterprise.