"Electric Networks of Armenia" Company starts implementation of  second stage of modernization of electric grid facilities

ArmInfo. Electric Networks of Armenia CJSC, part of the Tashir Group, is starting the  implementation of the second stage of modernization of the electric  grid facilities. To this end, the company attracted loans from the  European Bank for Reconstruction and Development (EBRD) (USD 70  million) and the Asian Development Bank (ADB) (USD 35 million).

Vice-President of Tashir Group, Chairman of the Board of Directors of  Electric Networks of Armenia CJSC Karen Darbinyan told ArmInfo news  agency about the peculiarities of the program. "At the first stage of  the program implementation, we focused on eliminating network losses,  replacing electricity meters using smart electricity meters. At the  second stage, more attention will be paid to improving the quality of  electricity and reducing blackouts. These are our commitments, which  we assumed by signing a corresponding agreement with the Public  Services Regulatory Commission>.

The Vice-President of the Tashir Group of Companies recalled that the  total amount of loans provided to the power grids is $ 105 million.  The first tranche of these funds in $ 60 million will be received  next week, and in November the company will receive the remaining $  45 million, after which the implementation of the second stage of the  program will begin.

Karen Darbinyan noted that as of today, out of the total project  amount of $ 726 million, work has already been implemented for a  little more than 40% or more than $ 300 million. In a second phase,  the company is slated to complete its 10-year modernization program  by 2027.

Answering the question of how the loss level of 6.8% was not  achieved, Karen Darbinyan pointed to the effectiveness of the  invested funds and work with personnel, who managed to convince that  working with a good salary is always more profitable than engaging in  fraud.  

To rcall, "ENA" was acquired by the Tashir Group of Companies, headed  by a prominent Russian businessman of Armenian origin Samvel  Karapetyan, from the Russian company "Inter RAO" in September 2015.  The agreement provided for the acquisition of electric power assets  of the Russian energy holding in the Republic of Armenia - "Electric  Networks of Armenia" CJSC and Hrazdan TPP.  "Electric Networks of  Armenia " CJSC was established in May 2002 as a result of the merger  of four state- owned regional companies for the distribution and sale  of electricity: Yerevan Electric Networks, Northern Electric  Networks, Southern Electric Networks and Central Electric Networks.  The main activity of the company is the regulated distribution and  sale of electricity. The total length of the networks is 36 thousand  km. The company serves about 1 million consumers. "Electric Networks  of Armenia" CJSC has an exclusive license for transmission and  distribution of electricity in the territory of the Republic of  Armenia at guaranteed tariffs calculated based on the company's costs  and a regulated rate of return on invested capital.