Public Services Regulatory Commission approves Armenian nuclear power plant’s AMD 1.5-billion investment program
The Public Services Regulatory Commission of Armenia approved Wednesday the Armenian nuclear power plant’s AMD 1.5-billion (excluding VAT) investment program.
The program implies replacement of dilapidated equipment in turbine section that is estimated to cost AMD 428.3 million and modernization of reactor section (AMD 400 million).
It also implies spending of AMD 233.3 million on replacement of out-of-date radiation barriers and AMD 196 million on modernization of seismic protection.
Areg Galstyan, Armenian deputy energy and natural resources minister, told journalists that it is necessary to attract new loans for implementation of this program, since Russia’s loan and grant along with International Atomic Energy Agency’s technical assistance are not sufficient for implementation of this program. He said it is necessary to search for new financial sources.
The Armenian Nuclear Power Plant is located some 30 kilometers west of Yerevan. It was built in the 1970s but was closed following a devastating earthquake in 1988. One of its two VVER 440-V230 light-water reactors was reactivated in 1995. Armenian authorities said they will build a new nuclear power plant to replace the aging facility. The new plant is supposed to operate at twice the capacity of the Soviet-constructed facility. The plant currently generates some 35 percent of Armenia's electricity.
In March 2014, Armenian government decided to extend the plant’s service life because of delay in building a new unit. The service life extension has become possible thanks to Russia’s financial resources. The country will provide $270 million to Armenia as loan and $30 million in grants. ($1 – AMD 493.38). --0----