ENA plans to invest nearly $1.4bn by 2034 in development of Armenia's power grid.

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YEREVAN, 4 September. /ARKA/. Armenia's national energy distribution company Electrical Networks of Armenia (ENA) plans to increase total investment in the country's energy system to AMD 540 billion (over $1.38 billion) by 2034, ENA Director General Karen Harutyunyan told a press conference./pp

Harutyunyan recalled that in 2016 (when Russia-based Tashir Group acquired ENA) the infrastructure was 80 per cent worn out. According to him, more than AMD 243.9 billion has already been invested in the development of distribution networks and infrastructure modernisation from 2016 to August 2024, and more than AMD 296 billion more is planned to be invested from September this year to 2034./pp

According to Harutyunyan, the investment will be directed to connecting new consumers to the power grid and development of distribution networks (the planned investments till 2034 are more than AMD 103 billion)./pp

Another part of the investment will be directed to reducing the frequency and duration of power cuts (over AMD 48.1 billion), reducing voltage drops (over AMD 70.8 billion), improving the system of commercial metering of electricity (over AMD 40.87 billion)./pp/pp

Speaking about the sources of financing, the CEO noted that the company plans to issue bonds (the first issue for 32 billion drams was successfully placed ahead of schedule in February 2024 - ed.)./pp

At the same time, he noted that ENA fruitfully cooperates with a number of international financial organisations - European Bank for Reconstruction and Development, Asian Development Bank and International Finance Corporation, as well as with a number of local commercial banks./pp

Electrical Networks of Armenia CJSC is part of the Tashir Group of Companies owned by Samvel Karapetyan. It operates medium and low voltage distribution networks in Armenia, serving 1 million subscribers.-0-nbsp;nbsp;/pp nbsp;/p