Tweet
ARMENIA TERMINATES FINANCIAL MANAGEMENT OF ARMENIAN NPP BY INTER RAO
Interfax
March 1 2012
Russia
The Armenian government has decided on an early termination of the
agreement with Russian energy company Inter RAO UES to financially
manage state-owned CJSC Armenian Nuclear Power Plant (NPP), an Interfax
correspondent reported from the government meeting.
In November of last year, Inter RAO announced its intention to
terminate the agreement to financially manage the Armenian NPP ahead
of schedule. According to an Inter RAO source, at that time Russia
and Armenia were holding negotiations related to such a termination.
The agreement, finalized in November 2003, was set to last five years,
but it was later extended to September 2013. The document stipulates
that Inter RAO will ensure that the NPP operates safely and without
interruptions, as well as supply fresh nuclear fuel for the refueling
station.
Armenian Energy and Natural Resources Minister Armen Movsisyan
previously said that Inter RAO would no longer manage the Armenian
NPP's finances starting on January 1 of this year, since its services
are no longer needed and since the authorities are in the position
to manage the NPP on their own.
"When the NPP accumulated $40-$50 million in debt for nuclear fuel
supplies in 2003, Inter RAO helped to pay it off and ensured an
uninterrupted supply of fuel. The Armenian NPP has been financially
stable for the past few years and is in the position to pay for
a fresh batch of nuclear fuel. This is why there is no need for a
managing company," Movsisyan said.
The NPP has two VVER-440 reactors with capacity of 815 MW. The first
reactor was launched in 1976 and the second in 1980. The plant was
shut down in early 1989 for political reasons, and in 1995 the second
reactor with 404 MW capacity was restarted. The Armenian NPP accounts
for around 40% of the electricity produced in the country.
According to data from the Control Chamber of Armenia, the NPP posted
net profit of 966.123 million dram in 2010, compared to 529.28 million
dram in 2009. Its charter capital comes to 9.464 billion dram. The
NPP employs 11,744 people.
The official exchange rate on March 1 was 388.75 dram/$1.
Interfax
March 1 2012
Russia
The Armenian government has decided on an early termination of the
agreement with Russian energy company Inter RAO UES to financially
manage state-owned CJSC Armenian Nuclear Power Plant (NPP), an Interfax
correspondent reported from the government meeting.
In November of last year, Inter RAO announced its intention to
terminate the agreement to financially manage the Armenian NPP ahead
of schedule. According to an Inter RAO source, at that time Russia
and Armenia were holding negotiations related to such a termination.
The agreement, finalized in November 2003, was set to last five years,
but it was later extended to September 2013. The document stipulates
that Inter RAO will ensure that the NPP operates safely and without
interruptions, as well as supply fresh nuclear fuel for the refueling
station.
Armenian Energy and Natural Resources Minister Armen Movsisyan
previously said that Inter RAO would no longer manage the Armenian
NPP's finances starting on January 1 of this year, since its services
are no longer needed and since the authorities are in the position
to manage the NPP on their own.
"When the NPP accumulated $40-$50 million in debt for nuclear fuel
supplies in 2003, Inter RAO helped to pay it off and ensured an
uninterrupted supply of fuel. The Armenian NPP has been financially
stable for the past few years and is in the position to pay for
a fresh batch of nuclear fuel. This is why there is no need for a
managing company," Movsisyan said.
The NPP has two VVER-440 reactors with capacity of 815 MW. The first
reactor was launched in 1976 and the second in 1980. The plant was
shut down in early 1989 for political reasons, and in 1995 the second
reactor with 404 MW capacity was restarted. The Armenian NPP accounts
for around 40% of the electricity produced in the country.
According to data from the Control Chamber of Armenia, the NPP posted
net profit of 966.123 million dram in 2010, compared to 529.28 million
dram in 2009. Its charter capital comes to 9.464 billion dram. The
NPP employs 11,744 people.
The official exchange rate on March 1 was 388.75 dram/$1.