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.