YEREVAN, December 4. / ARKA /. Armenia's Pubic Services Regulatory Commission (PSRC) has approved today a set of changes made to the investment program of Electrical Networks of Armenia power distribution company as a result of which its investment in 2013 has decreased by 533 million drams to 7.5 billion drams.
According a PSRC department head, Abgar Budaghyan, the company had offered to reduce the investment program by cutting investments into the improvement of the quality of public services, but the commission was against this approach.
As a result the company agreed to cut the investment program by reducing maintenance costs by 533 million drams.
In December 2012 PSRC approved the company’s investment program for 2013-2015 in the amount of about 24.7 billion drams, excluding VAT.
The Electrical Networks of Armenia is a 100% subsidiary of Russian INTER RAO UES. The company has an exclusive license for transmission and distribution of electricity in the territory of Armenia. It has more than 967,000 customers and 7,800 people on its payrolls. ($ 1 - 403.91 drams).