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Armenian Regulatory Authority Approves IEC's Investment Program

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  • Armenian Regulatory Authority Approves IEC's Investment Program

    ARMENIAN REGULATORY AUTHORITY APPROVES IEC'S INVESTMENT PROGRAM

    ARKA
    March 25, 2009

    YEREVAN, March 25. /ARKA/. The RA Public Services Regulatory Commission
    has approved a 10.2bln AMD less VAT investment program for 2009-2011
    submitted by the International Energy Corporation (IEC).

    The reporter, Head of the Commission's Department for Investment
    Programs Abgar Budaghyan reported that the funds will be invested in
    the renovation and re-equipment of six hydro-power plants (HPP).

    "Almost 8.377bln AMD will be invested in the renovation of the Yerevan
    HPP in 2009-2011 - almost 3,764mln AMD in 2009, about 3.407bln AMD
    in 2010 and almost 1.205bln AMD in 2011," Bubaghyan said.

    He reported that a total of 679mln AMD are to be invested in the
    modernization of the Sevan HPPs - 99mln AMD in 2009, 80mln AMD in
    2010 and 500mln AMD in 2011.

    The fish screen of the hydroelectric system will be renovated. Design
    and survey works have been carried out, and new substations have
    been installed.

    A total of 120mln AMD are to be invested in the Hrazdan HPP, 450mln
    AMD in the modernization of the Argel HPP and 250mln AMD in the
    modernization of the Kanaker HPP. The investments are scheduled
    for 2011.

    Under the investment program, the diversion canal will be renovated
    and a new pressure chamber installed at the Hrazdan HPP, a new power
    transformer will be installed at the Argel HPP and technical equipment
    will pa rtially be modernized at the Kanaker HPP.

    As regards the Arzni HPP, a total of 158mln AMD are to be invested
    in its technical modernization this year.

    Budaghyan also reported that 180.8mln AMD more will be invested under
    other programs.

    The Commission also decided to invalidate the IEC's 9.1bln AMD
    (inclusive of VAT) investment program for 2008-2010 approved last
    February.

    Under the program, the company planned to invest 900mln AMD from its
    own funds and attract 8.2bln AMD as credits.

    From: Emil Lazarian | Ararat NewsPress
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