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  • International Energy Corporation (Subsidiary Of 'Inter RAO UES') To

    INTERNATIONAL ENERGY CORPORATION (SUBSIDIARY OF 'INTER RAO UES') TO INVEST $11 MLN TO ARMENIA IN 2009

    ArmInfo
    2009-03-25 14:19:00

    ArmInfo. On March 25, Public Services Regulatory Commission of Armenia
    (PSRC) approved the investment programme of "International Energy
    Corporation" (IEC) (subsidiary of "Inter RAO UES") for 2009-2011
    estimated at 10,2 bln drams ($27,6 mln at the current rate).

    As Head of the IEC Energy Sale and Agreement Department Karen Margaryan
    told ArmInfo, it is scheduled to direct the most of funds (8,376 bln
    drams) for upgrading of Yerevan HPP being part of "Sevan-Hrazdan
    HPP Cascade" CJSC operated by the Company. He also said IEC is
    going to invest 4,05 bln drams ($11 mln), including 3,76 mln drams
    in Yerevan HPP in 2009 within the frames of the approved investment
    programme. According to K. Margaryan, it is scheduled to attract the
    major part of investments for the programme financing at the cost of
    the foreign loan. "International Energy Corporation" is negotiating
    with CSOB Slovak Bank and the Armenian "Ardshininvestbank" for credit
    receipt. K. Margaryan explained they envisage to receive credit from
    the Armenian bank at 10% annual rate under guarantee of the Slovak
    bank. According to him, Yerevan HPP has exhausted its operational
    life and is currently in a state of emergency. This HPP provides
    Yerevan center with electric power. K. Margaryan recalled that PSRC
    has recently fixed a common selling tariff for electric energy of
    "Sevan-Hrazdan HPP Cascade" at the rate of 5,802 drams per 1 kW against
    the previous 4,156 drams. The new tariff will take effect started
    April 1, 2009. K. Margaryan also added that IEC has invested 560 mln
    drams, including 20 mln drams in 2008, in repairing and upgrading
    of "Sevan-Hrazdan HPP" since 2006 from its own funds. Upgrading of
    Yerevan HPP will make it possible to increase its design capacity
    from the current 44 MW to 52 MW, and the electric power output -
    by 7,5 mln kWh. The total capacity of "Sevan-Hrazdan HPP Cascade",
    which includes 7 HPPs, makes up 561,4 MW.
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