The European Union is planning to allocate USD 119 million to Armenia if it closes the Armenian nuclear power station, said EU Director for External Relations Hugues Mingarelli. At the present time, research is being conducted in Armenia to determine alternative sources of electric energy which could be used in place of the nuclear power station.
The EU has been lobbying Armenia to close the nuclear power station by 2004. At the same time, the Armenian government wants to extend the existence of the station another 10 years because it currently provides 40% of the country's electric energy supply. The Armenian nuclear power station is a joint venture company between Armenia and Russia, and in March 2003 Russia's United Energy Systems received a controlling interest in the station.