Draft Regulatory Guide to Conducting Economic Appraisals of Natural Gas Infrastructure Expansion and Network Plans in Armenia

The regulatory framework for conducting these appraisals is outlined in a guide published in November 2018 by the National Association of Regulatory Utility Commissioners (NARUC) in collaboration with VIS Economic & Energy Consultants S.A. The guide emphasizes the importance of reviewing underlying assumptions of the investment program, which includes assessing demand, supply, price, and infrastructure scenarios. These assessments are essential for categorizing gas infrastructure projects, which are divided into three categories: high-priority, medium-priority, and low-priority projects. The categorization process involves evaluating the project's justification and justification, including the review of costs and underlying assumptions. The guide provides a checklist for reviewing costs and assumptions, which includes the review of capital and operating costs, the use of cost benchmarks, and the appraisal of financial analysis. 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