Deputy head of the Tashir Group holding, Narek Karapetyan, wrote on Facebook that five months ago, on June 6, prior to the events of June 17,, the Electric Networks of Armenia (ENA) submitted a proposal to the Public Services Regulatory Commission (PSRC) to reduce electricity prices by 1 dram per kilowatt-hour. The request, he said, was based on system savings and reduced losses that created a positive financial balance. However, on June 13, the PSRC head rejected the proposal.
In a press briefing, Davit Ghazinyan said the regulator’s refusal to approve the proposed price cut has a political context. He emphasized that the offer to reduce tariffs and increase ENA’s investments by around 12 billion drams was submitted before businessman and philanthropist Samvel Karapetyan was detained.
“Tashir Capital insists that the rate reduction should happen now and clarifies that it would have come entirely at the expense of Samvel Karapetyan’s profits. Our citizens deserve lower tariffs as soon as possible,” said Ghazinyan. He added that the intention is to prevent the government from claiming credit for the rate cut after appointing Romanos Petrosyan as ENA’s temporary manager.
In a statement, the PSRC responded to ENA’s proposal regarding its tariff margin revision from August 1, 2025. The commission stated that such reviews should be based on full-year financial results and will take place at the end of the year.
According to the PSRC, ENA’s proposal included both a reduction based on a 3.6 billion dram gain due to deviations in planned versus actual energy indicators and an increase based on about 12 billion drams of investments made over six months. The commission noted that this dual-sided adjustment indicates the proposal was not aimed at lowering consumer rates but at meeting financial indicators under loan agreements.
Ghazinyan dismissed the PSRC’s explanation, calling it meaningless. “They admit our letters regarding the 3.6 billion dram revision were submitted but claim nothing about the 12 billion in investments. We maintain that the 3.6 billion revision clearly implied a tariff reduction. Their claim of a mere 0.5 dram cut is false. My calculations show it would be closer to 1 dram,” he said.
Ghazinyan believes the authorities are intentionally stalling the review to revoke ENA’s license and later take credit for a rate cut expected in February 2026, making it appear as though the government orchestrated it.
On July 3, Armenia’s parliament passed a package of amendments to the laws “On the Public Services Regulatory Commission” and “On Energy,” effectively enabling the nationalization of ENA.
On July 18, it was announced that Romanos Petrosyan, who had recently been dismissed as head of the State Oversight Service, was appointed as temporary manager of ENA. The PSRC has also initiated administrative proceedings against the company based on a government report.
