Newsfeed

U.S. Ambassador to Armenia addresses parties to Karabakh conflict in Armenian

Economist: Vorotan Cascade of HPPs must remain under state management

NKR Defense Army Commander: Baku blackmailing OSCE Minsk Group

Investigation Committee: Karen Petrosyan might be abducted from Armenia's territory

Manvel Grigoryan: In case of war in Artsakh, the boys of oligarchs and statesmen will also be fighting

No single Iraqi Yazidi has so far applied to Armenia for refuge

VTB Bank (Armenia) prolongs working time at some of its branches

Beeline grants its customers 1,000 intra-network minutes or 1,000MW Internet traffic on their birthdays

Paruyr Hayrikian to embark on hunger strike on 8 September

Aziz Tamoyan: Yazidis are killed on the same scenario as Armenians in 1915

Hovik Abrahamyan: I cannot wave a magic wand to bring everyone out of the shadow

Nikol Pashinyan urges Parliament to provide privileges to residents of near border Armenian communities

Roman Pope to serve liturgy timed to Armenian Genocide centennial

Washington refuses to sell Cougar military vehicles to Baku

Vagharshak Haroutiunyan: Azerbaijani Armed Forces have no means to reflect Armenian missiles

USA calls on Government of Azerbaijan to conduct full and transparent investigation into death of Armenian man in Azeri captivity

Ardshininvestbank plans to buy shares of Artsakh Investment Fund

Armenian authorities share the indignation of Yazidis living in Armenia concerning the ongoing tragic events in Iraq

Gary D. Robbins: "As a co-chair of the OSCE Minsk Group, the United States remains committed to helping all sides reach a lasting settlement to the Nagorno-Karabakh conflict"

Head of Armenia's Diplomatic Mission to OSCE slams Azerbaijan for provocations

Tom de Waal: Russia is fueling conflict in order to manage the situation

Ali Husseinly: Russia's activity at current stage of Karabakh conflict is for a reason

Court does not change measure of restraint against Levon Hayrapetyan

Alexander Sotnichenko: United States will not launch large-scale intervention to stop extermination of national minorities in Iraq

Stepan Safaryan on aid to Iraqi Yezidis: Inactivity of Armenian diplomacy no longer surprises public

Exclusive

Zardusht Alizadeh: Arriving in Sochi, Aliyev and Sargsyan once again demonstrated the world that Russia is still the demiurge in the Caucasus

Masis Mailyan: Unlike Azerbaijan, global centers of force are not interested in growing tensions in Nagorno-Karabakh conflict zone

Sergey Grinyayev:The West’s sanctions are extremely positive for the Eurasian Union project

Alexey Kolomiyets: West's sanction will hardly sober Putin and the Kremlin

Hrant Bagratyan: Sanctions will have tangible impact on Armenia

Georgi Kolarov: The second Nagorno-Karabakh war is inevitable

Artashes Shaboyan: Reduction in consumer demand has a negative effect on supermarkets

Tigran Davtyan: If you have a telephone with you, it means that you have a wallet with you too

Shmuel Meirom: Israel is willing to contribute of its experience in the field of economy, but it cannot force Israeli business to invest in Armenia

Marine Karapetyan: Ameriabank on large business: problems and solutions

Eduard Sharmazanov: The opposition camp has no leader to steer the people

Alexander Zinker: Readiness of the Kremlin to protect its “Big Russian world” is dangerous for Russia itself

Vahe Davtyan: lternative power engineering should be developed regardless of fluctuations in electric power tariffs

Alexander Krylov: Taking into consideration the experience of the EU, Russia has to refuse maximal extension of the Eurasian Economic Union

Rasim Musabekov: Not only global but also the regional geo-political balance is changing

Zardusht Alizade: Apart, Armenia and Azerbaijan will always remain non-democratic fascist states

Armenal Dovlatyan: The US may have extensive plans on use of the Vorotan water resources

  • by Hovhannes Kazaryan

  • Saturday, February 1, 19:52

The Vorotan Hydro Cascade brought sustainable profit to the state budget of Armenia and the decision on the sale of the Cascade was inexpedient, Armenak Dovlatyan, Head of the Green Party of Armenia, said at a press conference on Saturday.  

According to Dovlatyan's estimations, the annual turnover of the Cascade is 95 mln USD, with 50 mln USD of it being the profit. So, the 70 mln USD needed for modernization of the Cascade would totally have paid off if the Government had allocated those funds. One more problem is the problem of drinking water. "It is obvious that the world will face a serious shortage of drinking water in the near future. In this light, we wonder who and how will dispose of the immense water resources of the River Vorotan. I suppose that the US, which has bought the Vorotan Hydro Cascade has extensive plans on the use of the Vorotan water resources", said Dovlatyan. He added that the Government should give an intelligible answer to this important question. 

In the meantime, Dovlatyan considers this deal noteworthy because it is the first large project being implemented by the United States, not Russia.  
Khachatur Marozyan, Head of the International Association of Lawyers and Psychologists, thinks that anyone having at least a slight idea of business, knows that assets should be developed, not sold. He thinks that the primitive decisions taken by the Government, including the one on the sale of the Vorotan Hydro Cascade, demonstrate that Armenian officials lack state thinking.    

Earlier ArmInfo reported that on January 29 ContourGlobal and the Government of Armenia announced that they signed an agreement for ContourGlobal to purchase and modernize the Vorotan Hydro Cascade, a series of three hydroelectric power plants totaling 405 MW on the Vorotan River in southern Armenia, for a purchase price of $180 million USD. Under the terms of the agreement, ContourGlobal Hydro Cascade, a direct and wholly owned subsidiary of ContourGlobal, will own and operate the three hydroelectric facilities located on the Vorotan river and will supply power to the Armenian grid under a long-term power purchase agreement. ContourGlobal will also invest $70 million over the next six years in a refurbishment program to modernize the plants and improve their operational performance, safety, reliability, and efficiency. ContourGlobal expects the modernization to create 150 near-term jobs in addition to the 150 long-term technicians employed at the plants. The Vorotan Hydro Cascade is one of the largest and most flexible power generating facilities in Armenia and the Caucuses.

This acquisition represents the largest single U.S.  private investment in Armenia's history and the first U.S. investment in Armenia's energy sector. The Vorotan Hydro Cascade accounts for roughly 15 percent of the installed capacity of Armenia's electricity system and provides sufficient energy to power 250,000 homes. ContourGlobal is a New York based international power-generation company with approximately 3,500 MW in operations or under construction in 17 countries and on four continents.  ContourGlobal's 1,650 employees manage, own and operate a portfolio of 33 power plants utilizing a wide range of fuel types and technologies including renewable energy production based upon Hydro, wind, solar and biomass, as well as an extensive fleet of conventionally powered thermal power plants. In the wider Eastern Europe area, ContourGlobal currently owns and operates approximately 1100 MW of power generation businesses in Bulgaria, Ukraine, Romania, and Poland.

Send to a friend

To (e-mail)


Your name


Message


Comments

View comments (0)
  • READ ALL COMMENTS
  • POST A COMMENT

Be first to comment on this article

* Indicates required fields