The Public Services Regulatory Commission (PSRC) has announced that despite the suspension of the license of Electric Networks of Armenia (ENA), the company’s financial stability has not been disrupted.
PSRC stated that temporary manager Romanos Petrosyan is obligated to ensure the company’s normal operation, including its financial stability.
“In light of public concern over the future stability of Electric Networks of Armenia CJSC, we clarify that according to the law, the company remains responsible for fulfilling all its obligations, including financial, even after its electricity distribution license has been suspended,” the commission stated.
Furthermore, until the legally mandated procedures for the full transfer of distribution activities are completed, the temporary manager exercising the powers of the executive body must ensure the company's continuous and stable operation, including financial sustainability and safe, reliable system performance.
It was also emphasized that the suspension of the company’s license has not — and, under current legal and economic mechanisms, cannot — undermine its financial or cash flow stability.
On July 18, Romanos Petrosyan, who had earlier been dismissed from his role as head of the State Oversight Service, was appointed interim manager of ENA by the PSRC. The commission, following a government submission, also initiated proceedings against the company.
The PSRC revoked the license of ENA’s parent company, Tashir Capital. In the next three months, the regulator will negotiate with the company’s board regarding the transfer of property ownership. If no agreement is reached, the state may claim ownership based on public interest.
