The Minister Hosted the Delegation of Moody’s International Rating Agency

On February 17 the RA Minister of Energy and Natural Resources Yervand Zakharyan hosted the delegation of Moody’s international rating agency. The delegation was comprised of the Executive Director of organization’s risk assessment unit Dietmar Hornung, the assistant vice-director, researcher Sebastian Becker, the assistant of the vice-director, researcher of the sovereign risk group Ernest Sergentin.

The Minister welcomed the guests and introduced the current situation and developing perspectives of the Armenian energy system.

Yervand Zakharyan has noted, that after all the measures that have been taken, now the energy system is in a stable financial state. As a contribution to this, he has also mentioned the change of the owner of ‘’Electric Networks of Armenia” and all the measures he took to change the situation for the better. As a result, the losses of electricity have reduced, which is now close to 11.2 percent set by the Public Services Regulating Commission.

The Minister spoke about the programs carried out in the field of atomic energy and for the extension of the exploitation of the acting energy unit up to 2027. For that purpose Russia gave financial credits and provided Armenia with grants.  Besides, Armenia is going to build a new nuclear energy block with 600 MW power. Now they take some steps to involve individual investors.

Two new thermal power stations in Yerevan and Vanadzor will be constructed.

Yervand Zakharyan has informed the guests that Armenia will also include the intensification of switching to renewable energy in its strategic plan for energy development until 2036. Specifically, it prescribes creating wind power station up to 200 MW, solar power station up to 40-50 MW and the construction of small hydropower plants with the capacity up to 120 MW. With this steps Armenia wants to reduce the dependence on energy imports.

Speaking about the energy integration projects in the region, the Minister said that they are intended to build Iran-Armenia, Armenia- Georgia high voltage energy grids, which will provide the bases for energy transit and the creation of energy corridor.