Government to declare 100% stake in Electric Networks of Armenia subject to overriding public interest in coming weeks
4 minute read
An expanded working meeting chaired by Romanos Petrosyan, the temporary manager of Electric Networks of Armenia (ENA), was held at the company, bringing together deputy chief executive officers, branch directors, the management of the Yerevan Power Supply and Service Department, and the heads of operational districts.
The company said in a statement that Petrosyan informed participants that a public hearing had recently been held at the Ministry of Territorial Administration and Infrastructure.
In the coming weeks, the government will declare the entire 100% stake in Electric Networks of Armenia CJSC subject to overriding public interest.
In accordance with the established procedure, the company’s market value will be assessed, the shareholders will be officially notified and compensated, after which the company will be registered as a wholly state-owned enterprise.
During the meeting, it was noted that although the average duration of scheduled works on the electricity distribution network has been reduced, challenges remain in terms of the effectiveness of the works and oversight.
The temporary manager said all inspectors are required to remain available to the public 24 hours a day and respond promptly to all emergencies, ensuring uninterrupted electricity supply to customers and proper notification regarding both emergency and scheduled works.
Emergency repair works must be carried out in a way that provides permanent, rather than temporary, solutions to prevent similar incidents from recurring.
The meeting also discussed the sharp increase in applications from new customers seeking to connect to the distribution network, largely driven by a significant reduction of up to 40% in connection tariffs introduced at the end of April.
Around 2,500 new customers have joined the distribution network over the past two months, representing an increase of about 35% compared with the same period last year.
Connection works for new customers are currently being carried out through various mechanisms, including contractor companies, the company’s own resources and newly signed contracting agreements.
Petrosyan also referred to the recent cable line accident on Pap Tagavor Street in Yerevan, noting that ENA is conducting an internal investigation into the incident.
Electric Networks of Armenia said it will closely monitor improvement works carried out in communities across Armenia to prevent damage to company-owned power cables and the resulting outages.
Summing up the meeting, Petrosyan said:
“From today, we are transforming the crisis management phase at Electric Networks of Armenia CJSC into a large-scale process of sustainable development.”