Regulator approves specified investment program of International Energy Corporation for 2014-2018

ArmInfo. On December 7, the  Public Services Regulatory Commission (PSRC) approved the specified  investment program of International Energy Corporation CJSC for  2014-2018.   

Sergey Aghinyan, Head of the PSRC Department and Monitoring, noted  that the need to specify the programs is due to the problems that  arose in 2014-2015. By late 2018 the company intends to invest nearly  7 bln AMD in modernization of plants. As of today, the total  investments amounted to 14,573 bln AMD.  By late 2016, the units of  Yerevan-1 HPP will be commissioned. 

Earlier, in accordance with the investment program of International  Energy Corporation CJSC (subsidiary of RusHydro) for 2014-2018, 21.5  mln AMD was to be invested. The investment program will be  implemented at the expense of the loans of the Asian Development Bank  and the European Bank for Reconstruction and Development (EBRD) - $25  mln each. The complete modernization of the cascade needs nearly $1.5  bln. The average age of the cascade plants is more than 50 years and  they have already exhausted their technological resource. In  particular, 1.7 bln AMD will be invested in modernization of Sevan  HPP, 778 mln AMD in Hrazdan HPP, 1.3 bln AMD in Argel HPP, 658 mln  AMD in Arzni HPP, 283 mln AMD in Kanaker HPP, 16.3 bln AMD in  Yerevan-1 HPP, 13 mln AMD in Yerevan-3 HPP.  Investments in other  directions will total 406 mln AMD.    "International Energy Corporation" (MEK) CJSC was registered in the  Republic of Armenia on 8th May 2003 and became the first generating  company INTER RAO UES. On 17th July 2003 the company acquired the  property of "Sevan-Hrazdan Cascade" CJSC and on 24th March 2011  "RusHydro" JSC, according to the strategy of acquisition and  development of hydrogenating assets abroad acquired shares of "MEK"  CJSC. "MEK" CJSC is one of the main electricity producers in Armenia.  The property complex of "International Energy Corporation" CJSC  includes 7 hydropower plants of Sevan-Hrazdan Cascade, located on the  river Hrazdan in the Republic of Armenia. The plants utilize the  natural flow of Hrazdan river as well as the irrigation water  discharges from the Lake Sevan. All the hydropower plants of cascade  are in a working condition. The installed capacity is 561 MW, and  production and technological capacity is 500 million kWh, which is  about 10% of domestic consumption of the Republic of Armenia. 

In 2015, the plants of International Energy Corporation generated 453  mln kWh of electricity.