PSRC is discussing revocation of license of Electric Networks of Armenia
YEREVAN, November 13. /ARKA/. Armenia's Public Services Regulatory Commission (PSRC) is discussing a draft resolution on Thursday to revoke the license of Electric Networks of Armenia CJSC (ENA) to distribute electricity.
Meri Ghazaryan, Head of the Financial and Economic Department of the PSRC, reported on the results of three monitoring sessions conducted over four months as part of the administrative proceedings at the ENA.
She noted that PSRC specialists identified violations such as the permanent deletion of electricity meter data (in 2018-2024), violations in the implementation of investment programs, falsifications, deficiencies, and other falsifications of electricity meter readings, violations of deadlines and procedures for connecting new subscribers, and violations of construction and fire safety regulations during the construction and renovation of certain facilities.
The PSRC claims that ENA provided risky credit guarantees through commercial banks to a number of companies affiliated with it. Ineffectively managed its assets, real estate, and cash.
Therefore, according to the PSRC's draft decision, the company jeopardized not only the safety of its assets, but also the uninterrupted and efficient power supply to consumers and the stability of the country's energy system as a whole.
The draft stipulates sanctions for the identified violations and specifies that the decision will take effect on November 14.-0-
