Armenia conducts financial recovery of energy system

YEREVAN, JULY 22, ARMENPRESS: The Republic of Armenia faces a number of objective problems in the energy sector and the Government of the country is firmly committed to the implementation of new reforms in the sector. Armenpress reports that the Prime Minister of the Republic of Armenia Hovik Abrahamyan stated about it at the presentation of the program “Long-term (by 2036) development ways of the energy system of the Republic of Armenia”, held in Yerevan.

The Government of Armenia and the US Agency for International Development jointly prepared the strategic development plan of the energy system up to 2036, which includes various capacity building opportunities, as well as renewable energy resources, development of infrastructures, supporting regional integration, reconstruction of substations and power transmission lines, which consumed the usage resource, energy security, as well as other measures to increase the reliability of electricity.

“Unfortunately, the system has been in quite a difficult financial condition during the recent years, which has its objective reasons. The world economic crisis, the effects of inflation, exchange rate fluctuations, adverse climatic conditions are the factors that have caused financial problems in the energy sector”, - stated the Prime Minister of the Republic of Armenia Hovik Abrahamyan, adding that the Government is implementing a series of measures to improve the financial system, which includes a review of market structure and pricing methodology.