ArmInfo. The authorized capital of Construction of a New Nuclear Power Unit CJSC will be increased by 200 million drams. The decision to this effect was made at a meeting of the RA government on May 21.
As noted in the rationale for the draft decision, upon the establishment of the CJSC, based on a Cabinet resolution dated August 1, 2024, 200 million drams were allocated to the authorized capital of the newly created company. The specified amount was included in the 2025 state budget of the Republic of Armenia. However, due to the extension of the competitive process for the appointment of the company's acting general director, who was to perform the corresponding functions and make payments for the company's registration, the allocated amount was not used and was returned to the state budget in accordance with the established procedure. The 2026 state budget of the Republic of Armenia allocated 828 million drams for funding the company's executive structure. Since the competitive process for attracting a specialist to appoint the acting general director was extended, unused funds arose, making it possible to allocate an additional 200 million drams to increase the authorized capital of the CJSC.
It should be noted that the legal form of the organization and the selection of personnel for the new company must comply with IAEA standards, and funding must be provided from the state budget of the Republic of Armenia. The overall management of the company must be carried out by an authorized body, in this case, the Ministry of Territorial Administration and Infrastructure of the Republic of Armenia. The aforementioned organization must conduct a comparative study of all proposed technologies and feasibility studies, based on which it will submit a professional proposal for the selection of the technology. Once the proposal is approved by the RA government, the company will be required to negotiate and prepare documents related to the construction, financing, ownership, and operation of a new nuclear power unit or units, following the adoption of the law on the construction of a new nuclear power unit. The company will be responsible for managing, organizing, and bearing responsibility for the construction of the new nuclear power unit, i.e., acting as the project executor. Depending on the stages of the aforementioned work, the CJSC must be staffed with the appropriate personnel and subsequently become the operator upon completion of the new unit. During the preparatory phase in 2024, approximately 800 million drams were allocated for the establishment and operation of the company, with an additional 800 million drams allocated in subsequent years. Based on IAEA recommendations, a staff of 50-60 highly qualified specialists from various fields (electric power, nuclear physics, environmental protection, education, urban planning, etc.) is required to implement such a project.
As a reminder, Armenian Prime Minister Nikol Pashinyan previously announced that the final decision on the type and capacity of the nuclear power plant would be made in 2027. The country's authorities are leaning toward constructing a nuclear power plant with small modular reactors. Unit 2 of the existing Armenian Nuclear Power Plant (ANPP) is currently undergoing a second program to extend its service life by 10 years, until 2036. By that time, a new nuclear power unit is expected to be built in the republic.
