Plans for 1,000MW new nuclear plant unreasonable, says Armenian expert

By bne IntelliNews June 19, 2015

The construction of a new 1,000MW nuclear plant is “unreasonable”, Arka news agency reported on June 18 quoting the head of country’s State Nuclear Safety Committee, Ashot Martirosyan. The construction of the new plant can pose a threat to the country’s entire power supply system, he said, and poses economic problems as an estimated price tag is set at $5bn.

Authorities of natural resources-deficient Armenia have been looking into securing funding for a new nuclear plant to replace Metsamor, the Soviet-era nuclear facility which supplies about 40% of the country’s power demand.

The government has so far failed to find $5bn needed and managed to extend the life of Metsamor until 2026, despite international experts warning against potential threats the old plant poses.

“The nuclear power plant life extension to 2026 will give us additional time – new projects of construction of mid-productivity reactors may appear during that time,” Martirosyan is quoted as saying.

Metsamor, about 30km west of Yerevan, was built in the 1970s but it was closed following a devastating earthquake in 1988. One reactor was controversially re-opened in 1995 and the plant now operates only one 407.5MW unit.

Related Articles

EBRD says 2016 net profit was around €1bn

The European Bank for Reconstruction and Development (EBRD) said it made a net profit of around €1bn in 2016, up by a quarter from the €802mn it made in ... more

World Bank raises growth forecasts for Kazakhstan and Azerbaijan

The World Bank’s latest “Global Economic Prospects” report issued on January 10 offers a mixed picture when it comes to the GDP growth prospects of countries across Central Asia and the ... more

Armenia's outlook remains challenging, says IMF

The International Monetary Fund (IMF) predicts GDP growth to the tune of 2.7% and 3% in Armenia in 2017 and 2018 respectively, the multilateral lender announced upon completing an extended ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss