Russia now controls Armenia’s energy sector, as well as patrolling Armenia’s borders. Is the Armenian government selling out? by Anna Hakobyan
YEREVAN, Armenia--A World Bank official warned Armenia, in late October, not to transfer more of its energy assets to Unified Energy Systems (UES), Russia’s state-owned power utility. It was a statement that seemed to express the growing concern at Russia’s increased energy interests in the southern Caucasus--and the intentions of UES, whose boss, Anatoly Chubais, in September outlined his vision of Russia as a “liberal empire.”
It was also a statement that seems to have come a little late. UES already owns or manages 80 percent of Armenia’s power-generating capacities, thanks to a series of debt-for-equity deals over the past year that have cleared Armenia’s $100 million debt to Russia. UES now owns Armenia’s largest thermal plant and five hydro-electric stations. In September of this year, the company was given the right to manage Armenia’s Metsamor nuclear power station for five years.
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