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A new 250 MW power plant being constructed in Yerevan is expected to reduce electricity tariffs in Armenia.

Speaking to reporters, Chairman of the Public Services Regulatory Commission Garegin Baghramyan said the new plant will replace the Hrazdan Thermal Power Plant, which is already old and has limited resources and low coefficient of performance.

According to the official, the exploitation of the plant will bring about a 1-1.15 drams drop in electricity tariffs.

“It will be Armenia’s most modern structure. It will have a 4% higher CoP than the Yerevan TPP, which means it will consume less fuel to generate one kilowatt / hour of electricity, due to which it will have a lower cost,” he explained.

The project is implemented thanks to the cooperation between Italian Renco and German Siemens companies.

Armenian Prime Minister Nikol Pashinyan attended the ground-breaking ceremony of the new station.

About $250 million is expected to be invested into the project involving Siemens and Italian Simest companies, as well as international financial organizations.

Speaking at the ceremony, Pashinyan said the construction works will involve some 1000-1200 people with an average monthly salary of 250,000-300,000 drams, while 230 permanent jobs are set to be created after the plant is commissioned.