The Energy Charter Secretariat has completed the first in a new series of 'in-depth' studies of the investment climate and market structure in the energy sector of its member countries. The review of Armenia was conducted by investment experts from the Secretariat, in close cooperation with the Armenian authorities, and examiners from Norway and Uzbekistan. The review included a visit of Secretariat staff to Yerevan in March 2004; recommendations concerning the review were adopted by the Energy Charter Conference in June.
The review demonstrates how Armenia, following several years of severe power shortages, now has an improving environment for the operation of its energy sector. At the same time, there remain concerns about the implementation of existing legislation, and establishing a record of good governance and completing investment-related legislation is crucial.
In its recommendations, the Energy Charter Conference welcomed the progress that has been made, and encouraged further movement on developing the regulatory framework, including a timetable for the privatisation of the remaining state-owned enterprises in electricity generation, and adoption and implementation of effective competition rules.
The Review of the Investment Climate and Market Structure in the Energy Sector of Armenia is available in English.