YEREVAN — The Armenian government is beginning the process of assuming control over the Electric Networks of Armenia (ENA) company.
Prime Minister Nikol Pashinyan made the announcement during a government session.
“It is clear that the state must very quickly take over the management of the Electric Networks of Armenia and implement the next steps aimed at nationalization and improving the company’s efficiency. We need to carry this out swiftly and effectively,” said Pashinyan.
The Prime Minister also referenced the incident that occurred on June 25 during the opening ceremony of Homeplex Mall, which was disrupted by a power outage.
“People have invested $70 million and cannot even hold a proper opening ceremony. There are two possibilities here: either it was deliberate sabotage, or the system is technically incapable. In either case, they have crossed all red lines,” Pashinyan emphasized.
He noted that the matter has been discussed at the political level, including within the board of the Civil Contract party and its parliamentary faction. The government has already prepared the necessary legislative initiatives.
He stated that the first essential step will be for the state to assume management of the company. Following that, potential scenarios will be discussed, including full nationalization, management reforms, and improving operational efficiency.
Pashinyan highlighted the government’s strategic goal of eventually offering public subscription options for ENA shares so that Armenian citizens can become co-owners of the company.
“We must ensure there are guarantees allowing citizens of Armenia to purchase shares with their savings. We have a similar strategic goal for the Zangezur Copper and Molybdenum Combine as well,” the Prime Minister added.
