YEREVAN. – The Vorotan Hydro Cascade is too profitable for privatization.

Economist Vazgen Safaryan, who is Head of the Union of Domestic Goods Producers of Armenia, told the above-said to reporters on Wednesday.

He recalled that the electricity which the cascade produces has a very low cost price and the lowest supply fee in Armenia.

Safaryan added that the Vorotan Hydro Cascade produces about half the country’s electricity.

“As a rule, those companies are privatized which the state is unable to operate well on its own; but this is not that case. The cascade operates and receives reasonable revenue,” Vazgen Safaryan stated.

The Vorotan Hydro Cascade comprises three electric power plants. The Government of Armenia was the 100-percent shareholder of the Vorotan Hydroelectric Power Plant. In November 2013, however, the Public Services Regulatory Commission of Armenia had confirmed the deal to sell the cascade to the American ContourGlobal company, and for $180 million.