Government not to reconsider electricity price in next 12-24 months, minister says

Government not to reconsider electricity price in next 12-24 months, minister says

YEREVAN, August 8 / ARKA /. The Armenian government is not going to reconsider the current electricity price in the next 12 or 24 months, energy and natural resources minister Yervand Zakharyan said today.

From August 1 Armenian households are paying higher prices of electricity that were approved by the Public Service Regulatory Commission (PSRC) on July 1.

The 10 percent rise, the second less than in 12 months,  in electricity prices for households allows  the Electrical Networks of Armenia distributor  to charge 41.85 drams per 1 kWh of electricity during daylight hours (from 7:00 to 23:00), up from  current 38 drams  and 31.5 drams for night hours  (from 23:00 to 7:00),  up from current 28 drams. The decision has taken force on 1 August 2014.

The electricity price had already risen by almost 27 percent in 2013 July following a surge in the cost of the Russian natural gas supplied to Armenia. Gas is used for generating around one-third of Armenia’s electricity. The Russian gas price has not changed since then and is not expected to rise in the next few years. 

According to PSRC chairman Robert Nazaryan, the rise in prices is to help the Russian-owned Electric Networks of Armenia to recover its financial losses in the amount of 16.3 billion drams resulting from the delayed launch of the Armenian nuclear power plant that was halted for a major repair.

According to  PSRC, the electricity system needs additionally 20 billion drams to ensure financial stability, reliable and secure supply of energy to all consumers. ($1 – 406.01 drams). –0--

16:07 08.08.2014

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