Armenian PSRC approves investment program of international energy corporation
09.09.2011,
00:36
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
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"The investment will allow to replace some of outdated equipment and ensure improvement of the efficiency and reduce operating costs," Arman Mkhitarian, deputy general director of IEC said at the PSRC meeting.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). -0- -
"The investment will allow to replace some of outdated equipment and ensure improvement of the efficiency and reduce operating costs," Arman Mkhitarian, deputy general director of IEC said at the PSRC meeting.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). -0- -
