“Currently, Armenia is in the process of extending the operational life of the Metsamor Nuclear Power Plant until 2036. After this, its operational period is expected to be extended by another 10 years.”
Modern.az reports that this was stated by Armenian Prime Minister Nikol Pashinyan during his speech in parliament within the framework of the government hour.
“Currently, we are in the process of extending the operational life of the Metsamor Nuclear Power Plant until 2036. After this, its operational period is planned to be extended by another 10 years – that is, until 2046,” Pashinyan noted.
According to him, during this period, the government must make a decision regarding the construction of a new nuclear power plant. Armenia is discussing the issue of a new nuclear reactor with Russia, the USA, France, China, and South Korea.
“We are discussing this issue with all our partners. This decision is of strategic importance. When making a decision, we must be sure which proposal is more suitable for the interests of the Republic of Armenia,” the Prime Minister emphasized.
According to him, there is a problem with the qualitative and precise study of the nuclear energy market. Currently, the tariff for electricity produced at the Metsamor NPP is the lowest in Armenia's energy system.
Touching upon global trends, Pashinyan stated:
“According to current estimates, known nuclear fuel reserves are currently sufficient for approximately 70 years. This means that in 40 years, it will be necessary to calculate how much 1 kWh of nuclear energy will cost. The issue of economic feasibility also arises here. The question is, what will the price be?”
He emphasized that an economic and financial model must be developed to ensure the return on investments made for the construction of a nuclear power plant. There are also partners encouraging Armenia to make a quick decision.
“With all due respect, we must deeply understand all these points. Suppose we invested 4–6 billion dollars, built a nuclear power plant, and the price of uranium increased 4–5, or even 10 times. If the price of nuclear fuel starts to rise, how will this affect the economic efficiency of the project?” Pashinyan stated.
The Prime Minister noted that these are serious issues requiring extensive and detailed discussion.
