The new company is part of the country’s energy strategy which was approved yesterday by the Cabinet. The aim is to have a state-owned company control hydro, thermal and nuclear power producers, plus the last three electricity distribution companies which have not been sold yet.
The new company should not be regarded as the government’s reaction to the privatization process in the power field, but as a complementary tool to it, Minister Varujan Vosganian said.
Such a company would have a very large investments capacity and a good rating on the international market and could be a part of international projects, Vosganian said.
The country’s premier is to meet power regulator representatives and power producers next week to discuss the terms for establishing the company.
Creating such a power company is a European practice, the premier said, giving the example of the CEZ group, the Czech state-owned power company which posted “healthy revenues and profit of more than 1 billion euros last year”.
He said the state will own a majority stake and only later will seek private equity investors.
Source: Newsin
