Electric Networks Of Armenia Denies Information About Sale Deal With

ELECTRIC NETWORKS OF ARMENIA DENIES INFORMATION ABOUT SALE DEAL WITH RUSSIA’S TASHIR GROUP

YEREVAN, March 19. /ARKA/. Electric Networks of Armenia CJSC denied
today an allegation of the company sale deal with Russia’s Tashir
Group, Natalya Sarajyan, head of the company’s unit in charge of
public relations, told ARKA News Agency.

On Thursday, Haykakan Zhamanak (Armenian Time) Newspaper, referring
to its reliable sources, reported that Tashir Group, owned by Samvel
Karapetyan, a well-known entrepreneur of Armenian descent, has acquired
the Electric Networks of Armenia.

According to the newspaper, on the instruction of the Russian side,
no deals are being made these days at the Electric Networks that
belongs now to Russia’s Inter RAO UES, and receipt and transfer
process is under way now.

she said.

The Electric Networks of Armenia, belonging to Russia’s INTER RAO UES,
distributes electric power in Armenia.

In recent years, the company faced financial problems. As the Armenian
energy ministry says, the company owes $220 million to banks.

Explaining the debt accumulation, the company says the electric
network’s actual losses exceed the projected norm by 2 percent,
which amounts to 5 billion drams a year.

Besides, hydro power plants don’t operate to the full extent of their
capacity, and the gap is filled with the more expensive electricity
generated by thermal power plants causing additional expenses and
striking hard at the entire system.

According to the ministry, consumer prices for electric power don’t
reflect the company’s actual spending.

To remedy the situation the ministry looked through prices, worked
out a method to tally the system usage balance and a way for reducing
losses by 2 percent in the recent two years. ($1 – AMD 479.46).

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From: Emil Lazarian | Ararat NewsPress