RAO UES OF RUSSIA TAKES CONTROL OF SOUTH CAUCASIAN ENERGY SYSTEM

PanARMENIAN.Net - During the recent two months it became quite obvious that the RAO UES of Russia is going to take the energy system of Armenia under control, IA Regnum reports. According to President Anatoly Chubays, the energy holding "is thinking of the expansion of the export of the Armenian processing capacities and of more complicated export constructions such as export of the Armenian electrical power to Georgia and Iran." In future the RAO UES is going to take the control of the whole energy system of the South Caucasus. To note the company already owns a part of Georgian and Azeri power grids. As for Armenia, the Russian giant has purchased the complex of the Sevan-Hrazdan cascade of hydroelectric power stations, the Hrazdan HPP and presently manages the financial flows of the Armenian Nuclear Power Plant. In May 2003 the RAO UES of Russia founded the International Energy Corporation CJSC for administering the Sevan-Hrazdan cascade of hydroelectric power stations conveyed to Russia to pay off the debt for the nuclear fuel delivered for the Armenian NPP.