YEREVAN. – There will be insignificant increase in electricity price at the Vorotan cascade in 2014, Public Services Regulatory Commission chairman Garegin Baghramyan told Armenian News-NEWS.am.

Back in 2010 the Armenian government received from the German KfW bank a loan of 51 million euros to renovate Vorotan cascade. In 2010-13, the tariff for sale of electricity from Vorotan was significantly increased, from 0.96 drams in 2010 to 6.8 - in 2013.

Baghramyan claims there is no need in further increase, and the changes will be insignificant.

The agreement on the sale of the Vorotan Hydro Cascade, a series of three hydroelectric power plants, to Contour Global was signed in January.

A $180-million deal is the largest U.S. private investment in Armenia’s history and the first U.S. investment in Armenia’s critical energy sector.