High Voltage Electric Networks

What High Voltage Electric Networks does

High Voltage Electric Networks CJSC (HVEN) is a 100% state-owned Armenian closed joint stock company, established on 20 July 1998 by Government Decision N450, that operates as the sole licensed high-voltage electricity transmission system operator in Armenia. The company manages Armenia's national transmission grid across voltage levels from 6 kV to 400 kV, including overhead transmission lines and substations, and serves as the implementing agency for major international interconnection projects — notably the Iran-Armenia 400 kV Third Power Transmission Line and the Armenia-Georgia Caucasus Transmission Network featuring a 1,050 MW HVDC converter station at Ayrum, the only facility of its kind in the Caucasus region. HVEN is supervised by the Ministry of Territorial Administration and Infrastructure and holds a statutory monopoly on high-voltage transmission services across the country.

HVEN generates revenue primarily through regulated electricity transmission tariffs set by the Public Services Regulatory Commission of Armenia, with a proposed rate of 2.4456 AMD/kWh (versus a previous rate of 1.6373 AMD/kWh). Its customer base is effectively the Armenian national power system — the country's distribution networks, generators, and end users — making it a regulated monopoly rather than a competitive market participant. Capital expenditure is funded through multilateral development bank loans and grants from the World Bank, KfW, European Investment Bank, Asian Development Bank, European Commission, and Iran's Export Development Bank, supporting an active project portfolio exceeding 300 million Euro in aggregate commitments.

The company's go-to-market is not commercial: HVEN does not sell transmission services in a competitive sense. Instead, it operates as a state infrastructure utility executing government-mandated programs, with projects procured through tender committees and overseen by international lenders. It serves roughly 3 million direct beneficiaries of improved electricity supply reliability, with reported operational improvements of 57% reduction in outages and 50% reduction in breakdowns following World Bank-funded rehabilitation of 257 kilometers of transmission lines and critical substations. Headcount is reported at 51-100 employees, with operations also conducted through a branch in Goris serving the Syunik region.

Name

High Voltage Electric Networks

Legal name

«Բարձրավոլտ Էլեկտրացանցեր» փակ բաժնետիրական ընկերություն

Website

https://hven.am

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

51–100 employees

Short description

High Voltage Electric Networks CJSC is Armenia's state-owned, sole licensed high-voltage electricity transmission system operator, managing the national grid from 6 kV to 400 kV and serving the country's distribution networks under regulated tariffs set by the Public Services Regulatory Commission.

Ownership category

akta.pro rank

Product category

Electricity Transmission Services

NAICS

Electric Power Generation, Transmission and Distribution (2211), Electric Bulk Power Transmission and Control (221121), Electric Power Transmission, Control, and Distribution (22112)

SIC

Electric Services (4911), Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Transmission Substations & High-Voltage Switchyards (EUADAAAF)

akta.pro secondary industries

HVAC Transmission Lines (EHV/UHV Overhead & Underground) (EUADAAAD), Testing, Commissioning & Energization Services (HV) (EUAEABAI), Grid Interconnection & Collector Substation EPC (Utility-Scale Renewables) (EUAEABAK), Renewable Grid Interconnection & Collector Systems (Solar/Wind) (IMAFAHAD)

Keywords

• High-voltage transmission
• Electricity transmission services
• Grid infrastructure
• Substation operations
• Power transmission network

Headquarters

HQ city

Yerevan

HQ country

Armenia

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Personnel, Operations, Technology or R&D, Supply Chain

Revenue model

1. Electricity Transmission Services: HVEN provides regulated electricity transmission services at high voltage levels. The company is subject to tariff regulation by the Public Services Regulatory Commission of Armenia. Revenue is generated through regulated transmission tariffs approved by the regulator. The current tariff was proposed at 2.4456 AMD/kWh (including VAT). The company has a franchise for electricity transmission services across Armenia.
2. Construction and Project Implementation Services: HVEN implements infrastructure investment projects financed by international development banks and bilateral loan programs, though these are capital expenditure programs rather than revenue-generating services.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

High Voltage Electric Networks CJSC operates and maintains Armenia's high-voltage electricity transmission infrastructure, including 110–220 kV and 400 kV overhead transmission lines and substations. The company provides regulated electricity transmission services as the sole national grid operator and implements international interconnection projects linking Armenia with Iran and Georgia.

Product overview

High Voltage Electric Networks CJSC operates as Armenia's state-owned electricity transmission utility managing high-voltage infrastructure across voltage levels from 400kV to 6kV. The core offering is electricity transmission services via an extensive network of transmission lines and substations. Supporting infrastructure projects include the Caucasus Transmission Network (Armenia-Georgia interconnection with HVDC converter), Iran-Armenia 400kV transmission line, and various substation rehabilitation programs financed by World Bank, KfW, Asian Development Bank, and other international institutions.

Differentiator

Problem solved

Functional benefit

Products and services

• Electricity Transmission Services

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Sanir FZE / SUNIR InternationalcoreStrategic or Co-development PartnerMain contractor for the Iran-Armenia 400kV Third Power Transmission Line and Noravan substation construction. Also provides engineering, procurement, and construction services. Project completion targeted end of 2019.
• Sinohydro Corporation (China)minorStrategic or Co-development PartnerParticipated in tender for construction of Armenia-Georgia HVDC converter station (Lot 1) under the Caucasus Transmission Network project.
• Siemens AG (Germany)minorStrategic or Co-development PartnerParticipated in tender for construction of Armenia-Georgia HVDC converter station (Lot 1) under the Caucasus Transmission Network project.
• ABB AB-COBRA Consortium (Sweden/Spain)minorStrategic or Co-development PartnerParticipated in tender for construction of Armenia-Georgia HVDC converter station (Lot 1) under the Caucasus Transmission Network project.
• Fichtner GmbH & Co. KG (Germany)minorImplementation/ SI/ Consulting PartnerProject consultant for the Caucasus Transmission Network project, providing technical advisory services alongside KfW.
• decon international GmbH / consulectra GmbH (Germany)minorImplementation/ SI/ Consulting PartnerJoint venture providing project implementation support and supervision consulting for rehabilitation of Haghtanak, Charentsavan-3, Vanadzor-1, and Ashnak substations under World Bank-funded projects. Contract value: 1,018,406.25 Euro for first three substations and 339,468.75 Euro for Ashnak.
• Kalpataru Power Transmission LTD (India)minorImplementation/ SI/ Consulting PartnerContractor for reconstruction of Noraduz-Lichk-Vardenis-Vayk-Vorotan-1 220kV overhead transmission line under World Bank Electricity Supply Reliability Project.
• GAM Arak Industrial (Iran)minorImplementation/ SI/ Consulting PartnerContractor for Replacement of Lalvar-Noyemberyan 110kV Transmission Lines under Asian Development Bank financing.
• Kaskad Energo LLC (Russia)minorImplementation/ SI/ Consulting PartnerContractor for rehabilitation of Haghtanak substation under World Bank Electricity Supply Reliability Project.
• Xian Electric Engineering Co., Ltd. (China)minorImplementation/ SI/ Consulting PartnerContractor for reconstruction of Ashnak and Vanadzor-1 substations under World Bank Additional Financing of Electricity Supply Reliability Project and Electricity Transmission Network Improvement Loan Projects.
• Liaoning-EFACEC Electrical Equipment Co. LTD / Northeast China International Electric Power CorporationminorImplementation/ SI/ Consulting PartnerContractor for rehabilitation of Agarak-2 and Shinuhayr substations under Asian Development Bank Reconstruction of Electricity Transmission Network project.

Scale indicators12 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Litgrid: Lithuanian national TSO operating the high-voltage backbone for a small country with cross-border interconnection (NordBalt, LitPol Link), analogous to HVEN's role as Armenia's sole HV operator with regional interconnectors.
• MAVIR (Hungarian Power System Operator): Hungary's national TSO; small-to-mid-sized European transmission operator serving as the regulated backbone with regional cross-border interconnectors, structurally similar to HVEN.
• Georgian State Electrosystem: State-owned TSO of Georgia, directly connected to HVEN via the Caucasus Transmission Network (Armenia-Georgia 400kV line and HVDC interconnector) under joint KfW/EIB/EC financing; the closest geographic and structural peer.
• KEGOC (Kazakhstan Electricity Grid Operating Company): Kazakhstan's national TSO; runs high-voltage transmission on regulated tariffs, listed but state-influenced, comparable in scale and post-Soviet institutional model to HVEN in Armenia.
• ESO EAD (Electricity System Operator of Bulgaria): Bulgaria's TSO, EU member-state utility operating regulated high-voltage transmission with integration into ENTSO-E, similar in scale and regulatory framework to HVEN's ENTSO-E-aligned cross-border projects.

Broad incumbents

• National Grid plc: Large UK-listed TSO/DNO operating high-voltage electricity transmission at scale under regulated frameworks; broad incumbent reference point for utility transmission economics even though an order of magnitude larger than HVEN.
• PSE S.A. (Polish Power System Operator): Poland's national TSO with cross-border interconnection responsibilities; comparable in institutional design (state-owned regulated TSO) though significantly larger and more diversified than HVEN.

Others

• Hitachi Energy (formerly ABB Power Grids): Global supplier of HVDC converter stations, substations and grid integration technology; participated in HVEN's Caucasus Transmission Network HVDC tender, making it a comparable ecosystem participant and indirect technology peer.

Regional players

• IPTO (Independent Power Transmission Operator of Greece): Greek TSO operating the high-voltage backbone with regional interconnection responsibilities in the Eastern Mediterranean/Balkans; similar regulated monopoly model and EU-aligned regulatory framework as HVEN.
• TEİAŞ (Turkish Electricity Transmission Corporation): State-owned TSO of Türkiye, geographically adjacent and a potential energy-trade counterparty to Armenia via the Caucasus corridor; larger scale but operating in the same South Caucasus regional context.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights2 records

Customer concentration

• Facebookfacebook.com/HighVoltageElectricNetworksArmenia
• LinkedInlinkedin.com/company/high-voltage-electric-networks

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about High Voltage Electric Networks