On November 13, Armenia’s Public Services Regulatory Commission is expected to revoke the electricity distribution license of Electric Networks of Armenia (ENA), a company owned by businessman Samvel Karapetyan, according to the ENA Supervisory Committee.
David Ghazinyan, former acting CEO of ENA, commented that the license termination marks the start of a new political phase of property redistribution, revealing deeper state intentions.
He emphasized that the move lacks any justification based on market or technical violations, calling it a direct violation of property rights.
Ghazinyan recalled that the process began around the time when Karapetyan became the subject of what he described as a “fabricated criminal prosecution.” He argued that the same mechanism is now being used to target his business assets, under the pretext of recognizing ENA as a matter of “overriding public interest” and placing it under state control.
He labeled the process a “seizure disguised as compensation”, claiming it contradicts Article 60 of Armenia’s Constitution and undermines the principles of predictability and stability in the energy sector.
On July 3, Armenia’s parliament passed legislative amendments enabling ENA’s potential nationalization. Prime Minister Nikol Pashinyan had announced on June 18, just hours before Karapetyan’s arrest, that it was time to make ENA state-owned. He also warned that employees who refuse to cooperate would be dismissed. On June 24, he confirmed that a state takeover plan was ready.
On July 18, the regulatory commission appointed Romanos Petrosyan as interim manager of ENA and launched proceedings against the company based on a government report.
Karapetyan acquired ENA in 2016 at the request of Armenia’s former authorities, investing hundreds of millions of dollars in modernizing the company since then.
