Hrazdan Energy Company (Hraztes) Ojsc (Armenia)

Hrazdan Energy Company JSC was established as an open joint stock company in compliance with Decree No. 291 of the Federal Agency on Management of Federal Property of the Russian Federation, dated September 1, 2004. The Company was formed by combining the physical assets of the Hrazdan Thermal Power Plant with the statuary capital of the Company, which Armenia transferred to the Russian Federation as a means of satisfying certain state debts. Currently the only shareholder of the Company is the Russian Federation, represented though the Federal Agency for Management of Federal Property of the Russian Federation. The register of shareholders is maintained by the Central Depositary of Armenia. Within the internal market of Armenia, the Hrazdan Thermoelectric Plant has the status of a balancing station. For internal consumption, the Hrazdan Thermoelectric Plant generates electricity only when a deficit in the Armenian energy system is registered, and this usually occurs in the fall-winter period and when the ANPP stops its operations. At the same time, RazTES is extremely important for electricity export.