Armenian subsidiary of Russia’s Inter RAO prepared to invest $240 ml

Interfax, Russia
June 15 2012

Armenian subsidiary of Russia’s Inter RAO prepared to invest $240 mln by 2018

YEREVAN. June 15

Power Grids of Armenia (PGA), a subsidiary of Russia’s OJSC Inter RAO
UES (RTS: IRAO), has begun working on a new investment program for
2013-2017, the company’s chief executive, Yevgeny Bibin told Interfax.

He said the program would amount to “no less than the company has
already invested in the whole period of its operations, or about
AMD100 billion (about $240 million).”

“This program will focus on providing quality and reliable electricity
supplies. While before the investment program was aimed at overhauling
and building main substations, now it will be primarily aimed at the
so-called last mile to the consumer,” Bibin said.
He said at least 55% of investment will go towards upgrading 0.4-10kV
grids. The distribution grid is “currently the most worn out and
vulnerable in terms of ensuring the reliability and quality of
supply,” Bibin said.

The program will also provide for such important projects as the
completion of updates to distribution and transformer substations in
Yerevan, improvements to the metering system, and updating the fleet
of specialized equipment, Bibin said.

Armenia’s Commission for Regulation of Public Services on June 13
approved PGA’s AMD8.2 billion ($20 million) investment program for
2012.

PGA, which has an exclusive license to transmit and distribute
electricity in Armenia, serves about 950,000 customers.
The official exchange rate for June 14 was AMD415.12/$1.

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