YEREVAN. – In August 2016, the electricity prices will reduce by 5 drams, per cubic meter, in Armenia.

Chairman of the Public Services Regulatory Commission (PSRC), Robert Nazaryan, stated the aforesaid at Friday’s parliamentary hearings.

He noted that the Electric Networks of Armenia (ENA) Company’s debt to the 2014 planned energy balance totaled 37 billion drams (approx. US$78,174,168). The reason for this was the droughty year and the hydropower plants’ low electricity generation in 2013. And in the same year, the planned overhaul of the nuclear power plant was extended by 88 days.

As a result of the electricity price hike in August 2014, a total of 13 billion drams (approx. $27,466,600) of the aforementioned 37 billion drams already have been paid back. And the 24.3 billion drams (approx. $51,341,413) have remained on the 2015/16 tariff year.