Friday, April 26 2024 17:50
Alina Hovhannisyan

Expert: Armenia`s energy independence level  is about 27%

Expert: Armenia`s energy independence level  is about 27%

ArmInfo.According to data for 2022, Armenia imports 73% of its energy resources, that is, the level  of energy independence is about 27%. Abgar Budaghyan, head of USAID Armenia's energy security project stated  on April 26 during public discussions on the topic "Prospects for diversification of the energy  sector in Armenia."

He noted that the Armenian government is implementing quite serious  programs to increase the share of renewable energy. "Last year,  together with the Cabinet of Ministers, new goals for renewable  energy were set. In particular, it is envisaged that by 2030 Armenia  will have solar stations with a total capacity of 1 thousand MW,  which will have to satisfy 50% of domestic consumption from renewable  energy sources," the expert said. 

According to Budagyan, by 2040, this indicator is planned to be  improved by building an additional capacity of 500 MW of solar energy  and 500 MW of wind. As a result, the share of domestic consumption  from renewable sources will be increased to 60%.

In addition, as Budagyan noted, the implementation of these programs  will lead to an increase in the number of electric vehicles and the  use of new technologies in the heat supply system. The specialist  drew attention to the fact that Armenia's dependence on gas, which is  mainly supplied from RF, is mainly associated with its widespread use  in the transport sector. A USAID representative said that 28% of  imported gas is consumed by transport. "If we want to reduce the  dependence of transport on gas, we must be able to provide people  with the tools to purchase electric vehicles," he said.

At the same time, Budagyan noted that as a result of a targeted  policy, there are opportunities for refueling electric vehicles using  solar energy. "It is impossible to reduce dependence on gas in one  day, but in at least 30 years this prospect seems more than  realistic," the specialist said, adding that energy independence has  a price. "This cannot happen under today's pricing conditions. And if  Armenia tries to increase the level of its energy independence, then  prices will have to change," he emphasized.

Notably, the Armenian government intends to ensure an increase in the  share of solar energy in the country's energy balance to 15% by 2030.

It is planned to build additional solar power plants with a capacity  of up to 500 MW, which, if necessary, will be combined with storage  stations. In parallel, wind power plants will also be built. It is  planned to increase the total capacity of solar and wind power plants  to 2000 MW by 2040.

POST A COMMENT
Input digits     


News
Double increase in turnover tax rate will stimulate transition to  common taxation system: Deputy MinisterDouble increase in turnover tax rate will stimulate transition to  common taxation system: Deputy Minister
Rocket Line - now for 60 months: Idram and IDBankRocket Line - now for 60 months: Idram and IDBank
Rising prices for services, going into shadows and closing businesses  - incomplete list of Rising prices for services, going into shadows and closing businesses  - incomplete list of "expectations" from revision of turnover tax  rate from SME Cooperation Association President
Liability for misrepresented information is proposed in ArmeniaLiability for misrepresented information is proposed in Armenia
Government proposes to make changes to car trade system within  Government proposes to make changes to car trade system within  "Trade-in" program
Armswissbank attracts us$ 10 million loan package from EBRD to support competitiveness and green transitionArmswissbank attracts us$ 10 million loan package from EBRD to support competitiveness and green transition
Armenian lawyers unwilling to pay taxes on universal basisArmenian lawyers unwilling to pay taxes on universal basis
EU Commissioner: EU will continue to contribute to economic  development of ArmeniaEU Commissioner: EU will continue to contribute to economic  development of Armenia
PM discusses opportunities for diversifying Armenian economy with WB,  IFC management PM discusses opportunities for diversifying Armenian economy with WB,  IFC management 
EBRD President considers programs implemented by Bank useful for  development of private sector in ArmeniaEBRD President considers programs implemented by Bank useful for  development of private sector in Armenia
EBRD lends up to US$ 10 million to Armeconombank for MSME on-lendingEBRD lends up to US$ 10 million to Armeconombank for MSME on-lending
Armenia benefits greatly from influx of capital and IT specialists -  EBRD chief economistArmenia benefits greatly from influx of capital and IT specialists -  EBRD chief economist
Finance Ministry, French Development Agency sign cooperation  agreement for 2024-2027Finance Ministry, French Development Agency sign cooperation  agreement for 2024-2027
Idram Junior and Koreez signed a memorandum of cooperationIdram Junior and Koreez signed a memorandum of cooperation
During the 33rd EBRD Business Forum, Ardshinbank hosted a panel discussion on economic and trade sanctions.During the 33rd EBRD Business Forum, Ardshinbank hosted a panel discussion on economic and trade sanctions.
Government to allocate additional AMD 3 billion to finance state  order for healthcareGovernment to allocate additional AMD 3 billion to finance state  order for healthcare
EBRD provides $10 million loan to ArmSwissBan to support  competitiveness and green transition of MSMEsEBRD provides $10 million loan to ArmSwissBan to support  competitiveness and green transition of MSMEs
Pankin: Armenia`s suspension of CSTO funding isn`t tragedyPankin: Armenia`s suspension of CSTO funding isn`t tragedy
Armenian government approves program for providing housing to  families from Artsakh; expenses estimated at  AMD 10-12 billion Armenian government approves program for providing housing to  families from Artsakh; expenses estimated at  AMD 10-12 billion 
EBRD Governors re-elect President Odile Renaud-Basso for second termEBRD Governors re-elect President Odile Renaud-Basso for second term
EBRD, USAID to develop transport infrastructure of Armenia,  Azerbaijan, Georgia EBRD, USAID to develop transport infrastructure of Armenia,  Azerbaijan, Georgia 
No specific dates for the entry into force of the law on compulsory  life insurance for tourists visiting Georgia - RA MFANo specific dates for the entry into force of the law on compulsory  life insurance for tourists visiting Georgia - RA MFA
Pashinyan: all those who have the necessary skills, abilities and  desire can make a profit in ArmeniaPashinyan: all those who have the necessary skills, abilities and  desire can make a profit in Armenia
Odile Renaud-Basso: Armenian economy continues to grow despite  numerous negative factorsOdile Renaud-Basso: Armenian economy continues to grow despite  numerous negative factors
Minister of Territorial Administration and Infrastructures refrains  from specifying North-South Road Corridor Investment Program`s  implementation costs and deadlines Minister of Territorial Administration and Infrastructures refrains  from specifying North-South Road Corridor Investment Program`s  implementation costs and deadlines 
EBRD improves Armenia`s GDP growth forecast for 2024 from previous  4.5% to updated 6.2%EBRD improves Armenia`s GDP growth forecast for 2024 from previous  4.5% to updated 6.2%
EBRD promises unprecedented investments in Armenian economyEBRD promises unprecedented investments in Armenian economy
FMO provided Ardshinbank with a guarantee for a credit portfolio of 20 million US dollarsFMO provided Ardshinbank with a guarantee for a credit portfolio of 20 million US dollars
Lending for construction of southern section of Sisian-Kajaran road  will be largest program ever implemented by EBRD in Armenia - Bank  President Lending for construction of southern section of Sisian-Kajaran road  will be largest program ever implemented by EBRD in Armenia - Bank  President 
French Development Agency, Armenian government to expand cooperation  areas and programs` scope French Development Agency, Armenian government to expand cooperation  areas and programs` scope 
The Power of One Dram Sums up the Two-Year Program with Teach for ArmeniaThe Power of One Dram Sums up the Two-Year Program with Teach for Armenia
Noubar Afeyan willing to use his potential to strengthen Armenia Noubar Afeyan willing to use his potential to strengthen Armenia 
Ministry of Economy of Armenia denies that growth in agricultural  exports is due to re-exportsMinistry of Economy of Armenia denies that growth in agricultural  exports is due to re-exports
Finance Minister: Armenia`s GDP generation growth potential increased  from 4-4.5% to 5.5-6%Finance Minister: Armenia`s GDP generation growth potential increased  from 4-4.5% to 5.5-6%
EBRD funds customs and logistics centre in SyunikEBRD funds customs and logistics centre in Syunik
Grigori Zakaryan: “Capital markets have a crucial for economic development.”Grigori Zakaryan: “Capital markets have a crucial for economic development.”
Ambassador of Kazakhstan: priorities for development of Eurasian integration proposed by Armenia will allow us to intensify mutually  beneficial cooperation within EAEUAmbassador of Kazakhstan: priorities for development of Eurasian integration proposed by Armenia will allow us to intensify mutually  beneficial cooperation within EAEU
EBRD and the European Union are joining forces with Acba bank to boost the availability of funding for Armenian MSMEsEBRD and the European Union are joining forces with Acba bank to boost the availability of funding for Armenian MSMEs
Thanos Arvanitis: The time has come for Armenia to accelerate reformsThanos Arvanitis: The time has come for Armenia to accelerate reforms
Armenia to host 33rd EBRD Business Forum with flagship sponsorship of ArdshinbankArmenia to host 33rd EBRD Business Forum with flagship sponsorship of Ardshinbank
EAEU economic operators will become more recognizable when carrying  out foreign economic activitiesEAEU economic operators will become more recognizable when carrying  out foreign economic activities
Martin Galstyan: If background is favorable, reduction in key rate  will result in lending rates decreaseMartin Galstyan: If background is favorable, reduction in key rate  will result in lending rates decrease
About 75% of Armenia`s exports are precious metals and stones, which  speaks of vulnerability of Armenia`s economyAbout 75% of Armenia`s exports are precious metals and stones, which  speaks of vulnerability of Armenia`s economy
92% tax revenues recorded in Armenia in 1st quarter of 2024 92% tax revenues recorded in Armenia in 1st quarter of 2024 
IDBank issues the 2nd tranche of dollar bonds of 2024IDBank issues the 2nd tranche of dollar bonds of 2024
Armenia to be next country to host ACE programArmenia to be next country to host ACE program
Armenia agrees to EBRD expansion Armenia agrees to EBRD expansion 
Alkis  Drakinos : It is necessary to first pick the low hanging fruit  to ensure developmentAlkis  Drakinos : It is necessary to first pick the low hanging fruit  to ensure development
CBA Governor: Overheating of prices in Armenian real estate market  may have ranged from 20-30%CBA Governor: Overheating of prices in Armenian real estate market  may have ranged from 20-30%
Government writes off 469 financial obligations of Artsakh citizens  on loans secured by goldGovernment writes off 469 financial obligations of Artsakh citizens  on loans secured by gold
Food products, services cause of 0.8% inflation in Jan-Apr 2024 Food products, services cause of 0.8% inflation in Jan-Apr 2024 
Armenia`s Deputy Premier receives IMF delegationArmenia`s Deputy Premier receives IMF delegation
Armenian Economy Minister travels to USA on week-long working visitArmenian Economy Minister travels to USA on week-long working visit
Armenia is trapped in Armenia is trapped in "Dutch disease" - economist
“By Your Side”: IDBank`s new support program for displaced Artsakh citizens“By Your Side”: IDBank`s new support program for displaced Artsakh citizens
Team Telecom Armenia develops Be Free packageTeam Telecom Armenia develops Be Free package
Armenia scares with its high prices: Economist sounds alarm due to  reduction in exports of servicesArmenia scares with its high prices: Economist sounds alarm due to  reduction in exports of services
Large crayfish farming complex to be built in Shirak: volume of  investments totals AMD 300 millionLarge crayfish farming complex to be built in Shirak: volume of  investments totals AMD 300 million
Eurowings launches Berlin-Yerevan-Berlin flightsEurowings launches Berlin-Yerevan-Berlin flights
Russia bans sugar exports; 28 thousand tons allowed to be exported to  ArmeniaRussia bans sugar exports; 28 thousand tons allowed to be exported to  Armenia
Read more


Exchange rates
17.05.2024
RUB4.26-0.01
USD387.60-0.49
EUR420.12-1.81
GBP490.31-1.36
CAD284.16-0.61
JPY24.87-0.22
CNY53.63-0.14
CHF426.22-3.84