DHInfrastructure developed a model to calculate the economic and financial viability of energy efficiency investments in a range of sectors.  We also recommended changes to policies and regulations the Government could implement to improve energy efficiency. As part of this work we carried out the following tasks: i) Collected the necessary data and analyzed the major sources of energy inefficiency in Armenia; ii) Reviewed relevant literature about energy efficiency in Armenia and provided case studies of other countries as comparators; iii) Reviewed the legal and regulatory framework for energy efficiency in Armenia; iv) Reviewed past and ongoing energy efficiency initiatives in Armenia; v) Assessed the economic and financial viability of energy efficiency potential in Armenia; vi) Identified the barriers impeding the realization of energy efficiency potential and made government policy recommendations to overcome those barriers; vii) Evaluated electricity generation costs for nuclear, thermal, and renewable resources, which may be viable for Armenia, based on international prices.