Expert: Armenian government`s decision to refuse trust management of  High Voltage electric network is the right step

ArmInfo. "I consider the decision of the Armenian government to refuse from trust management of the company" High-voltage electricity network "the right step," -  said in an interview with the correspondent. ArmInfo former General  Director of "Armenergo" Felix Hakobjanyan.

According to him, the one who controls the balance of the  input-output of electricity, controls losses, accounting for  electricity, and, ultimately, the country's energy security. It's  another matter, the expert continued, that now it is necessary to  think about combining high-voltage networks with the electric power  system operator and the settlement center, as it was in the case of  Armenergo. "The government of Armenia then motivated the division of  the company by the necessity of limiting natural monopolies, but, as  we see, these monopolies have not become smaller," Felix Hakobjanian  stressed. In his opinion, a return to the idea of recreating  "Armenergo" will allow to optimize expenses, reduce the tariff and  improve the quality of service.

Today, a source close to the company "Tashir Capital" in response to  a question ArmInfo said that the company intends to fulfill all its  investment programs both for the "Electric Grids" and the creation of  enterprises for the production of equipment for energy companies that  are members of the Tashir Group of Companies .

The day before the Minister of Energy Infrastructures and Natural  Resources of the Republic of Armenia Artur Grigoryan told journalists  that the contract with "Tashir Capital" regarding the trust  management of companies "High Voltage Electric Networks" was  terminated. According to him, the agreement contained provisions that  the state did not like.

In this connection, the company "Tashir Capital" made a statement on  the eve, in which it informed about its refusal to manage the company  "High-voltage electrical networks". The statement says: In 2017, at  the suggestion of the Armenian government, negotiations began between  the RA government and Tashir Capital CJSC in order to transfer the  management of the company "High Voltage Electric Networks" to Tashir  Capital. "In order to reduce inflated costs, Tashir Capital suggested  6 months to carry out research and provide relevant consulting  support to the management of the wind farm, in particular, it was  proposed to reduce current costs from $ 7 million to $ 3 million. In  addition, it was proposed to take under strict control the  manageability of the state a $ 520 million in-kind debt, which was  used as loans for the implementation of programs in the WEC  system.The principal position of Tashir Capital was to implement a  more literate from the technical point of view of the management of  the construction of a new high- voltage Armenia-Georgia transmission  line worth $ 200 million Last calculations, this amount could reach $  240 million), thereby reducing its total cost to $ 70 million. As a  result, the government would save about $ 130 million. The purpose of  the transition to trust management was to Improving management  efficiency, optimizing the flow of costs by combining the  capabilities of distribution networks and transmission networks. For  the government, the most advantageous point was that in the event of  the transfer of the "WEC" to the "Tashir Capital" administration, the  government would no longer bear the financial burden.  The programs  would be implemented with the help of funds raised by Tashir Capital,  which would be attracted without state guarantees and, therefore,  would not be liable to the state as a state debt. As a result of the  consulting work carried out by "Tashir Capital" within 6 months, the  interest rate on the credit program for the construction of the  Iran-Armenia overhead line decreased, and about $ 6 million saved in  the electricity tariff was saved. "Tashir Capital" company expressed  bewilderment about the statement of the RA Minister of Energy and  Natural Resources that some provisions of the agreement concluded  between the RA government and "Tashir capital" are unprofitable to  the government.

To recall, on April 12 this year, the Armenian government approved a  trust management program for High Voltage Electricity CJSC. The draft  resolution on the transfer of JSC VVES to the trust management of  CJSC Tashir Capital was approved by the Government on August 24,  2017. As stated in the justification document, the program is aimed  at increasing the efficiency and transparency of JSC VES management,  investing in capacity expansion, ensuring the company's financial  stability in the long term, improving the accounting system and  productive management of human resources. "As a result of the  program, a safe and reliable transmission system will be provided,"  the document says.

Earlier, ArmInfo informed that CJSC "High Voltage Electric Networks"  (CJSC VVES) will be transferred to trust management of CJSC "Tashir  Capital". The agreement provides for the transfer of 100% of the  shares of VEZ CJSC belonging to the state to the trust management of  Tashir Capital (649,231 shares, each with a par value of 13,600 AMD).  The company received the right of trust management for a period of 5  years with the possibility of subsequent extension of the contract  for the same term and on the same terms.