New Power Plant to Reduce Electricity Rates, Says Sanosyan

Gnel Sanosyan, the Minister of Territorial Administration and Infrastructure of Armenia, attended the inauguration of a new combined power plant in Yerevan with a capacity of 254 MW.

“Today is a significant day for Armenia's energy system, as a new 250 MW power plant joins the energy family of Yerevan. This is yet another step toward strengthening our energy security and reliability,” the minister stated.

He noted that the technical and economic indicators of the power plant, along with the modern technologies applied, will create added value in the energy system and the Armenian economy as a whole.

According to the minister, the new plant has a utility factor that is approximately 4 percent higher, meaning that it consumes less fuel to produce 1 kWh of electricity, resulting in cheaper electricity generation.

“This will allow us to reduce electricity rates. The successful implementation of such a large-scale investment project in Armenia will undoubtedly inspire confidence in investors regarding foreign investments in the country. With the commissioning of Yerevan's new gas combined cycle power plant, as well as the implementation of other energy infrastructure projects, we aim to significantly increase the volumes of electricity exports in regional markets,” Sanosyan emphasized, adding that around $250 million has been invested in the implementation of the project.

He also announced that approximately 1,000-1,200 people were engaged during the construction phase, and the operation of the plant will create around 50 high-paying jobs.