Armenia Renewable Energy Market Overview
/27th September 2019, by Renewable Market Watch™/
The Republic of Armenia is a small landlocked country, located at the crossroads of Europe and Asia. It is almost completely dependent on imported energy, does not have any oil wells, gas wells, or refineries. There is also no local coal production. Electricity is generated by a nuclear power plant, two thermal power plants and numerous big and small hydropower power plants.
Armenia has built a viable energy system and now aims to develop less costly sources of energy and increase the energy diversification. Energy security and energy independence represent two important elements of the national security strategy of Armenia. Hence, the development of the energy sector has always been an issue of primary importance within the government’s agenda of economic reform. Armenia has significant renewable energy sources capable of covering over 35% of electricity demand in 2030, according to the Commonwealth of Independent States (CIS) Renewable Power Market Outlook 2019 – 2028.
Given Armenia’s lack of fossil fuel reserves and their economic and geopolitical circumstances, development of renewable energy sector is becoming an issue of major importance. The underlying principle is the understanding that as the country develops and the standard of living improves, the economy will become more energy intensive even while pursuing energy efficiency measures.
In August 2017, the “Energy Efficient” loan program was launched for non-gasified communities within the Republic of Armenia in cooperation between the public-private sectors and financial institutions. The beneficiaries of this project include 38,242 families inhabiting 282 non-gasified communities who are expected to have the opportunity to take advantage of special financial tools and consume energy more efficiently. As of February, 2019, the project has been implemented in 126 communities, with 2,083 Solar Water Heaters and 71 solar PV systems installed. The Project results are apparent: as of 1 July 2019, 1,145 autonomous energy producers are connected to the Energy Network of Armenia, with about 17 MW capacit, and 88 with 2.43 MW total capacity are in the process of connecting.
The more information about the Armenia renewable energy market, you may receive with a 1-year subscription for Commonwealth of Independent States (CIS) Renewable Power Market Outlook 2019 - 2028. Furthermore, you will receive up to 4 quarterly updates.
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