YEREVAN — The Armenian government is preparing to fully nationalize the shares of the Electric Networks of Armenia (ENA) company, recognizing a prevailing public interest and providing compensation to the current owner, Tashir Capital. This was announced by Romanos Petrosyan, the temporary manager of ENA and a board member of the Civil Contract Party, during an interview with Factor TV.
Petrosyan explained that February 21 had been the deadline for the government to present an offer and conduct negotiations so that, through a deal, 100% of the company’s shares would transfer to the state.
“I know that, in accordance with the law and within the required deadlines, the Ministry of Territorial Administration and Infrastructure—on behalf of the government—made an official offer to the owners. However, no transaction took place,” Petrosyan said. “This means that after February 21, under Article 60 of the Constitution, the government must recognize the company’s 100% shares as a matter of overriding public interest and, after compensation is paid, fully nationalize it. The process has now entered that stage.”
Petrosyan declined to specify the value of ENA or the price offered by the government. He also rejected claims that developments surrounding ENA constitute political persecution against businessman Samvel Karapetyan.
Petrosyan also stated that the government has submitted a proposal to the Public Services Regulatory Commission of Armenia to reduce electricity tariffs. However, according to him, implementing such reductions is currently not possible due to the upcoming scheduled shutdown of the Armenian Nuclear Power Plant, during which Armenia will be forced to purchase more expensive electricity.
“If the coincidence of the nuclear plant’s scheduled shutdown and modernization cycle had not occurred this year, I assure you that tariffs for our citizens would also have been reduced,” he said.
Petrosyan added that the government plans to significantly reduce other fees. “We are planning a 30% to 40% reduction in the fees for becoming a new subscriber and connecting to the distribution network, which currently make up a substantial portion of the existing tariff. We will also reduce by 50% the payments related to increasing the capacity of supplied electricity,” he said.
