PSRC chairman: government will engage in negotiations with ENA on transfer of ownership rights
YEREVAN, February 16. /ARKA/. The transfer of shares and assets of Electric Networks of Armenia (ENA) CJSC to the government may proceed through a mechanism that acknowledges a public overriding interest, according to Mesrop Mesropyan, Chairman of the Public Services Regulatory Commission (PSRC).
He mentioned that this option could be pursued if an agreement is not reached between the company's owners and the government.
"Currently, ENA's electricity distribution license is suspended. The next step, which must occur within three months, involves the government initiating the process of transferring property rights from the previous owners, which is essential for licensed electricity distribution operations," Mesropyan stated during a press conference on Monday.
He noted that the owners of ENA will be presented with a price, and if an agreement is achieved, the ownership transfer will be executed with the appropriate payment.
He also pointed out that the three-month timeframe has not yet lapsed. In the upcoming days, authorized government entities will update the public on the next steps through the media.
During its meeting on November 17, 2025, the PSRC sanctioned the revocation of ENA's electricity distribution license, which is owned by Samvel Karapetyan's Tashir Group. The commission referenced violations identified during a four-month investigation as the basis for this revocation, including falsifications, deficiencies, and other inaccuracies in electricity meter readings, breaches in the execution of investment programs, delays and procedural violations in connecting new subscribers, as well as breaches of construction and fire safety regulations during the construction and renovation of specific facilities.
The commission asserts that ENA has issued risky credit guarantees via commercial banks to several affiliated companies and has poorly managed its property, real estate, and cash assets. Representatives from ENA contest these findings, challenging the validity of the sample and the outcomes of the PSRC's investigation, as well as the thoroughness of the inspections and evaluations.
Mesrop Mesropyan, the head of the Public Services Regulatory Commission (PSRC), stated that the government will engage in negotiations with the owner or the Board of Directors of ENA concerning the transfer of ownership rights to the property. He added that "if an agreement is not reached within three months, the government may assume control of the property based on its priority interest."
Electric Networks of Armenia CJSC oversees medium and low-voltage distribution networks, catering to around 1 million customers. Since 2016, Tashir Group, the owner of ENA, has invested roughly $680 million in modernizing the company, along with an additional $150-200 million for developing new capacity.
Samvel Karapetyan, the president of Tashir Group of Companies, was arrested on June 18, 2025. He has been under house arrest and bail since December 30. He faces three charges: "public calls for the seizure of power" (stemming from his supportive statements regarding the Catholicos of All Armenians and the Armenian Apostolic Church), significant tax evasion, and money laundering. He refutes the allegations.-0-
