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.