AEN FAILS TO MEET ITS 2004 INVESTMENT COMMITMENTS
ArmenPress
Feb 7 2005
YEREVAN, FEBRUARY 7, ARMENPRESS: The Armenian Public Services
Regulatory Commission told Armenpress that it has asked the Armenian
Electricity Network (AEN) to explain why it failed to fulfill its
2004 investment programs. Shiraz Kirakosian, a commission member,
said the company fulfilled only 34 percent of its 2004 investment
commitments.
But Kirakosian forestalled the AEN explanations saying one of the
reasons was that the process of approval of the company’s investment
plans began in early 2004 and was approved in mid-2004. The company
pledged to invest last year 5.8 billion drams to improve electricity
supplies.
Kirakosian said the AEN is not going to raise electricity prices
in 2005, “provided no radical changes take place influenced by
external factors.” The AEN plans to invest 19 billion drams in
2005-2007, around 8 billion drams in 2005 alone. Kirakosian said the
bulk of investments will be directed at upgrading of electricity
distributing networks.
AEN is owned by Midland Resources Holding, a company registered in
the British Channel Islands.