Owner of ENA resubmits application to PSRC for electricity price reduction
31.10.2025,
15:47
Tashir Capital, (a division of Tashir Group, owned by Russia-based billionaire Samvel Karapetyan), the owner of Electric Networks of Armenia (ENA) power distrbution company, on Friday has again officially asked for the Public Services Regulatory Commission's (PSRC) permission to educe electricity prices.
YEREVAN, October 31. /ARКА/. Tashir Capital, (a division of Tashir Group, owned by Russia-based billionaire Samvel Karapetyan), the owner of Electric Networks of Armenia (ENA) power distrbution company, on Friday has again officially asked for the Public Services Regulatory Commission's (PSRC) permission to educe electricity prices.
The company's lawyer, Vardan Aloyan, told reporters that the first application for a price cut had been submitted to the PSRC on June 6, 2025, taking into account the positive revenue balance of 6 billion drams for the previous six months.
However, the application was rejected by the regulator, whichy cited the calculations made over a six-month period and the risk of a counterproductive effect, which could necessitate a price rise.
"We have now submitted a new price reduction application based on calculations for the past year. According to this data, the positive balance in the power grid has increased from 3.6 billion drams to 6 billion drams," Aloyan said.
He noted that the company hopes for a positive decision from the Commission after discussing the application within the timeframe established by law.
"We hope that the application will be approved and the price will be reduced, easing the burden on citizens," the lawyer stated.
Electric Networks of Armenia CJSC manages medium and low-voltage distribution networks in Armenia, serving approximately 1 million subscribers.
Tashir Group President Samvel Karapetyan has been in custody since June 18, 2025. By decision of the Anti-Corruption Court, his detention has been extended until November 17.
He is accused of "public calls for the seizure of power" and large-scale tax evasion and money laundering.
Armenian Prime Minister Nikol Pashinyan announced his intention to nationalize ENA, asserting that the process would be carried out in accordance with Armenian law.
On July 18, the Chairman of the Public Services Regulatory Commission initiated administrative proceedings against ENA and appointed Romanos Petrosyan as the company's interim manager.
Samvel Karapetyan's legal team had filed a lawsuit with the Stockholm Arbitration Court challenging the decision to nationalize ENA. On July 22, it was announced that the urgent arbitration court ordered the Armenian government to "refrain from further steps aimed at the expropriation of ENA."
In response, the Armenian government stated that the appointment of an interim manager for ENA does not contradict the Stockholm Arbitration Court ruling and is aimed at identifying violations in the company's operations.
The company's lawyer, Vardan Aloyan, told reporters that the first application for a price cut had been submitted to the PSRC on June 6, 2025, taking into account the positive revenue balance of 6 billion drams for the previous six months.
However, the application was rejected by the regulator, whichy cited the calculations made over a six-month period and the risk of a counterproductive effect, which could necessitate a price rise.
"We have now submitted a new price reduction application based on calculations for the past year. According to this data, the positive balance in the power grid has increased from 3.6 billion drams to 6 billion drams," Aloyan said.
He noted that the company hopes for a positive decision from the Commission after discussing the application within the timeframe established by law.
"We hope that the application will be approved and the price will be reduced, easing the burden on citizens," the lawyer stated.
Electric Networks of Armenia CJSC manages medium and low-voltage distribution networks in Armenia, serving approximately 1 million subscribers.
Tashir Group President Samvel Karapetyan has been in custody since June 18, 2025. By decision of the Anti-Corruption Court, his detention has been extended until November 17.
He is accused of "public calls for the seizure of power" and large-scale tax evasion and money laundering.
Armenian Prime Minister Nikol Pashinyan announced his intention to nationalize ENA, asserting that the process would be carried out in accordance with Armenian law.
On July 18, the Chairman of the Public Services Regulatory Commission initiated administrative proceedings against ENA and appointed Romanos Petrosyan as the company's interim manager.
Samvel Karapetyan's legal team had filed a lawsuit with the Stockholm Arbitration Court challenging the decision to nationalize ENA. On July 22, it was announced that the urgent arbitration court ordered the Armenian government to "refrain from further steps aimed at the expropriation of ENA."
In response, the Armenian government stated that the appointment of an interim manager for ENA does not contradict the Stockholm Arbitration Court ruling and is aimed at identifying violations in the company's operations.
