Electric Networks of Armenia to invest AMD 296bln in upgrading grid  system by 2026

ArmInfo.By 2036, Electric Networks of Armenia CJSC will invest 296 billion drams in the  modernization of the grid system. This was announced at a press conference on September 4 by the company's CEO Karen Harutyunyan.

According to him, in 2016-2024, the company has already invested  almost 244 billion drams or about $680 million. With the  implementation of the new investment program, the investment volume  will exceed 540 billion drams.

At the first stage of the program, 88.2 billion drams were allocated  for the modernization of the electric grid system, 81.3 billion drams  for connecting new subscribers, and 74.4 billion drams for the  implementation of a new payment system.

The new investment program, as the CEO emphasized, will further  improve the quality of electricity supply to consumers, reduce the  number of outages and further reduce the level of losses. At the same  time, significant attention will be paid to the center of Yerevan and  the Arabkir administrative district. In 10 days, the implementation  of a project worth 6.3 billion drams will begin, which will be aimed  at modernizing all electrical substations supplying electricity to  both districts of the city. All work, Harutyunyan continued, is  carried out in agreement with the Yerevan City Hall. Financial  resources for the new program will mainly be attracted from the  company's own funds. In addition, "Electric Networks of Armenia"  already has experience in placing bonds on the Armenian Stock  Exchange, and it is quite possible that this process will continue in  the future. The company also counts on traditional international  partners in the person of the European Bank for Reconstruction and  Development, the Asian Development Bank, the International Finance  Corporation, a member of the World Bank Group and local commercial  banks.