ArmInfo.International Energy Corporation (IEC) CJSC may be fined 10 mln drams by the decision of the Public Services Regulatory Commission (PSRC). Chairman of the PSRC of RA Garegin Baghramyan announced this on December 25 at a press conference in Yerevan.
According to him, the administrative proceedings were instituted on the basis of a letter from the National Security Service of the Republic of Armenia, which recorded illegal business activities in the areas occupied by the IEC. The investigation is ongoing, continued the head of the regulator, but the PSRC had to make a decision in accordance with its own jurisdiction. The company will also have to pay damages incurred by the Electricity System Operator. The point is, the head of PSRC continued, that the company carried out illegal deliveries of relatively cheap electricity to an unregistered subscriber who was mining on the territory of the Sevan-Hrazdan HPPs Cascade, managed by the IEC. Meanwhile, as Garegin Baghramyan noted, the tariff for electricity generated at the stations of the Cascade is much lower than for heating units.
According to the license, the company had the right to use the surplus of generated electricity for its own needs, and not supply it to an unregistered consumer, as a result of which both Electric Networks of Armenia and ordinary consumers suffered. However, the company was given a deadline before Friday to submit their justifications, which will be considered at a PSRC meeting on December 27th.
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