Armenia’s public services regulatory commission approves ENA’s investment program for 2016
04.05.2016,
15:57
At a meeting on Wednesday Armenia's Public Services Regulatory Commission (PSRC) has approved the investment program of the national power distribution company Electric Networks of Armenia (ENA) for 2016 in the amount of 19.896 billion drams (excluding VAT).
YEREVAN, May 4. /ARKA/. At a meeting on Wednesday Armenia's Public Services Regulatory Commission (PSRC) has approved the investment program of the national power distribution company Electric Networks of Armenia (ENA) for 2016 in the amount of 19.896 billion drams (excluding VAT).
Sergey Aghinyan, the head of development and monitoring department at PSRC, said the company plans to invest 8.6 billion drams in the modernization of the electricity metering system. He said another one billion drams will be spent on the maintenance of distribution networks, 2.5 billion drams are earmarked for increasing the system's safety and 1.3 billion drams will be used to buy a variety of mechanisms and equipment.
Also 6.1 billion drams are planned for connecting new subscribers to the networks and implementation of special projects.
This is the first investment program of ENA after its purchase by Tashir group of companies last year. After acquiring the utility in 2015 September the Russia-based Tashir Group pledged to introduce international standards within five years and improve the management of the utility. The new owner also committed to reducing technological losses of the company by at least 2%, which it hopes will play a significant role in improving the financial condition of the utility.
Tashir Group consists of about 200 companies, including 30 shopping malls and two dozen office buildings and hotels across Russia. With total assets estimated by Forbes magazine at $4.5 billion, Samvel Karapetyan is one of the world’s richest Armenians.
The ENA was said to have more than $220 million in outstanding debts to Armenian power generating plants and commercial banks. It was sold to Russian Inter RAO in 2006 at $73 million by Midland Resources, a British-registered company.
Since August 1, 2015 Armenian households have been paying 48.78 drams per one KWh from 7 am to 11 pm and 38.78 drams from 11 pm to 7 am. ($1 – 478.49 drams). -0-
Sergey Aghinyan, the head of development and monitoring department at PSRC, said the company plans to invest 8.6 billion drams in the modernization of the electricity metering system. He said another one billion drams will be spent on the maintenance of distribution networks, 2.5 billion drams are earmarked for increasing the system's safety and 1.3 billion drams will be used to buy a variety of mechanisms and equipment.
Also 6.1 billion drams are planned for connecting new subscribers to the networks and implementation of special projects.
This is the first investment program of ENA after its purchase by Tashir group of companies last year. After acquiring the utility in 2015 September the Russia-based Tashir Group pledged to introduce international standards within five years and improve the management of the utility. The new owner also committed to reducing technological losses of the company by at least 2%, which it hopes will play a significant role in improving the financial condition of the utility.
Tashir Group consists of about 200 companies, including 30 shopping malls and two dozen office buildings and hotels across Russia. With total assets estimated by Forbes magazine at $4.5 billion, Samvel Karapetyan is one of the world’s richest Armenians.
The ENA was said to have more than $220 million in outstanding debts to Armenian power generating plants and commercial banks. It was sold to Russian Inter RAO in 2006 at $73 million by Midland Resources, a British-registered company.
Since August 1, 2015 Armenian households have been paying 48.78 drams per one KWh from 7 am to 11 pm and 38.78 drams from 11 pm to 7 am. ($1 – 478.49 drams). -0-
