Thursday, May 18 2017 16:17
Marianna Mkrtchyan

Electric Networks of Armenia are intended to borrow USD 160 mln from Asian Development Bank and European Bank of Development and Reconstruction

Electric Networks of Armenia are intended to borrow USD 160 mln from  Asian Development Bank and European Bank of Development and  Reconstruction

ArmInfo. Electric Networks of  Armenia are intended to borrow USD 160  mln for the implementation of  own investment  project, planned until the year of 2020. This was  stated on May 18 at  a press conference in Yerevan by Karen  Karapetyan, Company's General Executive. 

According to Karapetyan, certain preliminary  documents are already  signed. The final agreements will be signed at least in one month.  The loan assets will be drawn to the implementation of the investment  program of the company. According to Karapetyan, the  assets will be  involved without state guarantees, which  has no precedent.  

In his turn, Karen Darbinyan, Electric Networks of Armenia JSC Board  of Directors chairman stressed that the company intends to implement  investments in agriculture network modernization $200mln by 2020,  which would allow to reduce the losses to the level low than 9%. But  not bad result of 9.7% is already registered. It was achieved by  optimization of the network. According to the company's Board data,  in 2020 they will manage to reach loss level to 8.2-8.5%, which would  result daily 1.5bln AMD economizing, which would totally be directed  to loan portfolio reimbursement. At the same time commercial losses  reached 0, and technical ones, which demand big investments, total  9.7%. Billing level for used energy power totals 99.2%. According to  Karen Darbinyan, industry share increase in total extent of energy  use is based on reduction of shade economy level.

On 30 Sept 2015, Tashir Group headed by Russian businessman of  Armenian origin Samvel Karapetyan and Inter RAO signed an agreement  of purchase and sale of electric power assets of the Russian energy  holding in Armenia - ENA CJSC and Hrazdan TPP. The reason of the sale  was the public discontent about the ungrounded growth in electricity  prices by approximately 16.7% (6.93 AMD per 1 kWh). The Public  Services Regulatory Commission's (PSRC) decision to raise the tariff  sparked protests and the Armenian authorities agreed to audit both  the expediency of PSRC's decision to raise the tariff and the  activities of the Electric Networks. In addition, the authorities and  Tashir Group took a decision to subsidize on a parity basis the  raised tariff for the households and SMEs until the audit is  completed. Since August 1, 2015, the daytime tariff for households  (from 7 am till 11 pm) has been 48.78 AMD per 1kWh, while the  nighttime tariff has been 38.78 AMD per 1 kWh.

To note, ENA CJSC distributes and sells electricity. The total length   of the networks is 36 thsd km. The company serves nearly 985,000   consumers. ENA CJSC has an exclusive license to transmit and   distribute electric power in Armenia at the guaranteed tariffs   calculated with due regard for the company's expenses and the   administered rate of return on investment.


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