HTPP was envisioned as a power plant to serve the entire South Caucasus, including Armenia.

In 1974, the first block was combined with a second in close proximity, which had a capacity of 810 MW in four condensing power-generating units.

During its peak in the 1980s, the HTPP generated 6.85 TWh annually, with 7,300 hours (83%) clocked at total capacity.

In 2003, the HTPP was passed to Russian Federation to pay off the Armenian debt which was approximately US$31 million.

The shares of the Hrazdan Energy Company went to the Federal Agency for State Property Management of Russia.

In July 2009, all stocks minus one share were acquired by the RUssian state-owned holding company Rosneftegaz.

[1] In 2015, Inter RAO UES sold the Hrazdan Energy Company to Cyprus-registered Liormand Holdings Limited, a part of Tashir Group owned by Samvel Karapetyan.

The key part which enables the usage of resources is the placement of the radiators, which are located along the edge of the 120-metre (390 ft) cooling towers.

Since 1993, the HTTP has used natural gas as its primary fuel, relying on oil as a reserve, a reversal of its earlier pattern.

The HTPP is a balancing station providing energy in the case of deficit or shut down of the Metsamor nuclear facility, which is the primary source of power in Armenia.