YEREVAN, NOVEMBER 20, ARMENPRESS: Armenian energy minister Armen Movsisian said the results of a tender announced for modernization of the Yerevan Thermal Power plant will be summed up in a couple of months. He said the modernization project is expected to be started in early 2007 and end in 2008.
The government of Armenia has received a $150 million credit from the Japanese International Cooperation Bank to do the job. The bulk of this money will be spent on construction of a new powerful 250 megawatt capacity turbine working on natural gas.
Experts say the modernization will result in reducing the prime cost of 1 kilowatt/hour electricity from current 400 drams to 160-170 drams. The updated plant will produce one sixth of the overall domestic power demand.
The minister said the thermal power plant was removed from the list of state-owned enterprises subject to privatization, as demanded by the credit agreement.
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