Electric Networks of Armenia (ENA) will be recognized as a public interest asset and fully nationalized with compensation paid, the company’s temporary manager Romanos Petrosyan has announced.
He presented details of the nationalization process, alleged abuses and problems in the sector, Factor.am reports.
“Negotiations as such appear neither to have been concluded nor, in fact, to have taken place. However, in accordance with procedures defined by law, a three-month calendar period was set following license revocation or suspension,” he said, referring to discussions with Tashir Capital.
According to him, February 21 was the deadline by which the government had to submit an offer, negotiate, and, as a result of a deal, ensure the full transfer of the company’s shares to the state.
“I know that, in compliance with legal procedures and deadlines, the government, particularly through the Ministry of Territorial Administration and Infrastructure, acting on behalf of the government, made an official offer to the owners. But no deal took place. This means that after February 21, in accordance with Article 60 of the Constitution, the government, on the grounds of public interest, must recognize 100% of the shares of our company and, after paying compensation, nationalize it in full. The process has entered that phase,” he said.
Speaking about the value of ENA and the possible price proposed by the government, Petrosyan declined to disclose a specific figure.
“That number is currently considered confidential, as this is a legal process requiring strict compliance with pricing structures, legal regulations, including constitutional and legislative norms,” the temporary manager said.
He also addressed alleged abuses.
“At this stage, around two dozen criminal proceedings have been initiated in connection with circumstances containing elements of various offenses, most of which were reported by me to the Prosecutor General’s Office,” he noted.
According to Petrosyan, the ongoing processes include “facts of financial and economic manipulations subject to criminal legal assessment, as well as documented indications of the migration of large, particularly large sums.”
He added that the circumstances uncovered during the preliminary investigation “will significantly affect the company’s real value, since the real value is formed from equity capital and all capitalized assets.”
Petrosyan denied claims that developments around ENA amount to political persecution of businessman Samvel Karapetyan. According to him, systemic problems in the sector had been discussed as early as the autumn of 2024.
“During that period, the chairman of the Public Services Regulatory Commission, who had been re-elected for a second term months earlier, stepped down. That is already a telling fact that the specific body did not properly exercise the constitutional powers vested in it to regulate public services,” he said, adding that during the same period the deputy minister of Territorial Administration and Infrastructure responsible for the energy sector was also dismissed.
He stated that before initiating administrative proceedings, the government had “patiently, through the minister of Territorial Administration and Infrastructure, held negotiations, working discussions and consultations with ENA’s senior management and owners to correct the situation.”
Addressing tariff concerns affecting consumers, Petrosyan said a proposal to reduce tariffs had been submitted to the Public Services Regulatory Commission. However, he clarified that implementation is currently impossible due to the upcoming scheduled shutdown of the nuclear power plant, during which Armenia will be forced to purchase electricity at higher prices.
“If the coincidence of this year’s stage of the nuclear plant’s planned shutdown and ten-year modernization cycle had not occurred, I assure you that tariffs for our citizens would also have decreased,” he said.
Instead, other fees are set to be reduced.
“Within the current tariff, we are planning a 30–40% reduction in the fees for becoming a new subscriber, connecting to the energy system and the distribution network, which constitute a significant portion. There is also a coefficient for increasing supplied electricity capacity, and we will reduce payments under those coefficients by 50%,” Petrosyan said.
On July 18, 2025, the Public Services Regulatory Commission announced that Romanos Petrosyan, who had been dismissed from the State Control Service, had been appointed temporary manager of the Electric Networks of Armenia company. The Commission also launched proceedings regarding the company’s activities based on a report submitted by the government.
The Commission stripped Tashir Capital of ENA’s license. Following the decision to terminate the license of Electric Networks of Armenia, the regulator will negotiate with the company’s board within the next three months regarding the transfer of property ownership rights. If the parties fail to reach agreement, the state may assume ownership rights on the grounds of public interest.
