Energo Pro To Invest $417 Million In The Economy Of Georgia

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During 5 years, the amount of investments of the Czech Company Energo Pro in the economy of Georgia will total $417 million. Irji Krushina, chairman of Supervisory Council at the Company Energo Pro Georgia, declared about it at the press conference on 14 September. Energo Pro Georgia owns assets of 8 energy objects in Georgia.

 

Irji Krushina said that $100 million would be invested in improvement of the distribution system, $85 million – in reconstruction of the generation objects and $120 million – in construction of new HEPS, etc.

In particular, the Company plans to complete during three years the process of assembling of individual power meters in all towns as well as to complete modernization of the current network. 190 thousand consumers will use the individual meters. The works will be carried out in Kutaisi, Poti and Rustavi first.

As for recovery of the generation objects, Irji Krushina noted that the Company planned to increase generation at own HEPS. “We plan to construct new HEPS of large capacity, besides, in order to have the opportunity of maximal exploitation of own energy resources”, – Irji Krushina declared. He said that the resolution on the place under construction of the new HEPS was not fixed yet.

Energo Pro Georgia invested GEL 30 million in recovery of the distribution system during two months of operation in Georgia.

Irji Krushina noted that the Company would not raise in the nearest future the question of increase of payment rate on electric power.

In June 2006, Czech Company Energo Pro won international tender on privatization of 8 of total 9 energy objects in Georgia. Cost of the investment block makes $427 million. $132 million were entered in the State Budget, while the rest amount was spent for construction of new HEPS and reconstruction of the distribution and generation objects.

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The Agreement between the Government of Georgia and Czech Company Energo Pro on privatization of 8 energy objects of Georgia was signed in Tbilisi on 5 February 2007. Upon completion of all procedures, Czech Company Energo Pro owns two Energy Distribution Companies since 29 June 2007 – Joint Stock Company (JSC) United Energy Distribution Company (UEDC) of Georgia (780 thousand consumers) and Achara Energy Company (95 thousand consumers). Energo Pro owns, besides, six hydro-electric power stations (HEPS) – RionHEPS (design capacity 48 MW), JSC Cascade GumatHEPS (67 MW), LajanurHEPS (113 MW), DzevrulHEPS (80 MW), ShaorHEPS (38 MW) and AtsHEPS (16 MW).

The area of operation of Energo Pro Georgia makes 70% of the territory of Georgia, while the number of consumers makes 850 thousand.

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