Russian energy company pays debts of Armenian nuclear power plant

The management of financial flows of the Armenian nuclear power plant will be transferred to the Russian joint stock company RAO Unified Energy Systems of Russia.

At present the plant is loading nuclear fuel and in a month it is expected to start producing electricity.

The plant has been out of operation since April 4, 2003, when due to the parameter fluctuations in the high-voltage Iran-Armenia network it was shut down.

As the plant resumes functioning, it will transfer management of its financial flows to RAO UES of Russia for 5 years, Armenian Energy Minister Armen Movsisyan announced at a press conference. This will solve Armenia's problems in purchasing fuel for the power plant, he believes.

The Russian company paid the plant's debts for earlier purchased nuclear fuel that amounted to $40 million and also paid for the last load /103 cartridges/ worth $13 million, Movsisyan said.

The Armenian nuclear power plant was put into operation in January 1980, shut down in March 1989 and opened again in November 1995 because of the most acute energy crisis. The plant's second block with a Russian reactor of the first generation produces the average of 30-40 per cent of electricity produced in the country. According to experts' estimates, the plant may function till 2016.