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Russia Electricity Giant To Invest $20 Mln In Armenia Power Grid

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  • Russia Electricity Giant To Invest $20 Mln In Armenia Power Grid

    RUSSIA ELECTRICITY GIANT TO INVEST $20 MLN IN ARMENIA POWER GRID

    RIA Novosti, Russia
    September 26, 2006

    YEREVAN, September 26 (RIA Novosti) - A subsidiary of Unified Energy
    System [RTS: EESR] said Tuesday it would invest $20 million in
    Armenia's electric power grid by the end of the year.

    On Tuesday Inter RAO UES officially took possession of 100% shares in
    Armenian Electric Power Networks JSC servicing about 913,000 consumers
    in the South Caucasus republic.

    Yevgeny Tod, director general of Inter RAO UES, said the investment
    would focus on projects designed to cut electric power losses, improve
    energy supplies and upgrade power units of the Armenian power grid.

    RAO UES owns 60% of stock in Inter RAO UES and the Federal Agency for
    Nuclear Power holds 40%. The company, which has an authorized capital
    of 160 billion rubles ($6 billion), handles imports and exports of
    electric power, and runs energy assets in and outside Russia.
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