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ARMENIAN PSRC APPROVES INVESTMENT PROGRAM OF INTERNATIONAL ENERGY CORPORATION
ARKA
Sep 7, 2011
YEREVAN, September 7. / ARKA /. The Armenian Public Services Regulatory
Commission (PSRC) has approved today the investment program of
the International Energy Corporation (IEC) that owns and operates
a chain of hydropower plants known as Sevan-Hrazdan Cascade. The
Russian-owned company plans to invest 2.92 billion (VAT not counted)
drams to upgrade the system in 2011-2012.
"The investment will allow to replace some of outdated equipment and
ensure improvement of the efficiency and reduce operating costs," Arman
Mkhitarian, deputy general director of IEC said at the PSRC meeting.
According to him, the bulk of investments - about 2.7 billion drams-
will be used on modernization of seven plants of the cascade, as
well as restoration of hydraulic structures to ensure their smooth
operation.
"The modernization will lower the cost of servicing the plants and
will create also all necessary conditions for effective work of the
personnel,' he added.
ZAO International Energy Corporation was established in May 2003
for the operation of Sevan-Hrazdan Cascade with installed capacity
of 556 MW (about 12% of the total electricity generating capacity of
Armenia). The cascade consists of seven hydroelectric power station,
built in 1930-62 years.
In March 2011 Russian company RusHydro acquired 90% of the IEC from
Russian INTER RAO UES. The program of reconstruction of Sevan-Hrazdan
Cascade was reconciled with the Armenian government three years ago
and is valued at $40 million. RusHydro is the largest generating
company in Russia, uniting 68 facilities of renewable energy.
Its installed capacity is 26.1 GW, including Sayano-Shushenskaya
Hydro Power Plant (6,400 MW), which is under reconstruction now. ($1 -
369.77 AMD).
ARKA
Sep 7, 2011
YEREVAN, September 7. / ARKA /. The Armenian Public Services Regulatory
Commission (PSRC) has approved today the investment program of
the International Energy Corporation (IEC) that owns and operates
a chain of hydropower plants known as Sevan-Hrazdan Cascade. The
Russian-owned company plans to invest 2.92 billion (VAT not counted)
drams to upgrade the system in 2011-2012.
"The investment will allow to replace some of outdated equipment and
ensure improvement of the efficiency and reduce operating costs," Arman
Mkhitarian, deputy general director of IEC said at the PSRC meeting.
According to him, the bulk of investments - about 2.7 billion drams-
will be used on modernization of seven plants of the cascade, as
well as restoration of hydraulic structures to ensure their smooth
operation.
"The modernization will lower the cost of servicing the plants and
will create also all necessary conditions for effective work of the
personnel,' he added.
ZAO International Energy Corporation was established in May 2003
for the operation of Sevan-Hrazdan Cascade with installed capacity
of 556 MW (about 12% of the total electricity generating capacity of
Armenia). The cascade consists of seven hydroelectric power station,
built in 1930-62 years.
In March 2011 Russian company RusHydro acquired 90% of the IEC from
Russian INTER RAO UES. The program of reconstruction of Sevan-Hrazdan
Cascade was reconciled with the Armenian government three years ago
and is valued at $40 million. RusHydro is the largest generating
company in Russia, uniting 68 facilities of renewable energy.
Its installed capacity is 26.1 GW, including Sayano-Shushenskaya
Hydro Power Plant (6,400 MW), which is under reconstruction now. ($1 -
369.77 AMD).