from 26.09.2006
Inter RAO UES becomes owner of Armenian electric power grid.
author: Tigran Liloyan, publication: ITAR-TASS - World Service Wire
Russia's Inter RAO UES has become the owner of the Armenian electric power grid, which regulates the national distribution and selling of electricity...
YEREVAN, September 26 (Itar-Tass) -- Russia's Inter RAO UES has become the owner of the Armenian electric power grid, which regulates the national distribution and selling of electricity.
Some 36,000 kilometers of power lines make deliveries to over 913,000 clients. The company is one of the largest taxpayers in Armenia.
Inter RAO UES acquired the entire stock of the Armenian Electric Power Grids from the British-based Midland Resources Holding for $73 million.
The Britons were in control of the Armenian company for the past four years. The collection of electricity payments increased to 99.4%, while electricity losses reduced from 21 to 16.1% over that period.
The Unified Energy System of Russia (UES) owns 60% of electricity facilities in Armenia, including the Sevan-Razdan cascade of hydropower plants, company general director Yevgeny Dod told Itar-Tass. The board of directors has approved the investment of $20 million in the Armenian electric power grids.
The Russian company also manages finances of the Armenian nuclear power plant. The power plant has overcome a crisis and become profit making with the Russian company's help, Dod said.
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