Armenia’s energy sector owes over AMD 13 billion to banks
17.12.2014,
15:58
Armenia's energy system owes more than AMD 13 billion to banks, Deputy Energy and Natural Resources Minister Iosif Isayan said on Wednesday.
YEREVAN, December 17./ARKA/. Armenia's energy system owes more than AMD 13 billion to banks, Deputy Energy and Natural Resources Minister Iosif Isayan said on Wednesday.
He told journalists that the energy sector has a lot of unsolved problems accumulated for years. «Electric networks have accumulated debts to power-generating companies,» he said.
«Commercial loans total AMD 13 billion at state-run companies alone, and overdue loans amount to AMD 7 billion here. The companies have to borrow money from banks, and the loan debt of Electric Networks of Armenia amounts to $220 million.»
The company has plunged into debt, but this has not been taken into account in setting prices, and the whole burden of this debt has been borne by the company itself.
Isayan said that the company owes about AMD 15 billion to power-generated companies. Things are due to faults in tallying prices for electricity and administration.
The deputy minister said this has created deficiency of financial resources and has stricken hard at the company. He said the company should fill its financial gap within three years by raising prices.
Isayan said that the latest price rise in August was prompted by this very circumstance. He said deficiency in the company's earning for that period amounted to AMD 27.6 billion.
In his words, an appropriate methodology is being worked out now to put things right.
Before August 1, 2014, Armenia's residents paid 38 drams per one kilowatt-hour when they consumed electric power in daytime and 28 drams in nighttime and now they have to pay 41.85 drams and 31.85 drams respectively. ($1 – AMD 490.34 ). ---0----
