Russian loan for modernization of Armenian NPP will be repaid at expense of electricity price

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YEREVAN, June 20. /ARKA/. Armenia’s Public Services Regulatory Commission (PSRC) has approved today a draft plan of actions for the repayment of a Russian loan provided to Armenia to help it extend the service life of the Armenian nuclear power plant.

According to the plan of actions, the loan will be repaid at the expense of the price of electricity generated by the facility.

In March 2014, the Armenian government decided to extend the plant’s service life up to 2026. it has become possible thanks to a $270 million Russian loan and a $30 million grant. The extension of the service life of the nuclear power plant suggests an increase in its efficiency. Particularly, after the modernization its capacity will increase to 470-480 MW from the current 380 MW.

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 would build a new nuclear power plant to replace the aging facility. The new plant was said to operate at twice the capacity of the Soviet-constructed facility. The plant currently generates some 35 percent of Armenia’s electricity. -0-

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