ArmInfo.The state is preparing to fully nationalize the shares of Electric Networks of Armenia (ENA), recognizing it as a priority public interest, and to pay compensation to its owner, Tashir Capital. This was stated by Romanos Petrosyan, Interim Governor of ENA and member of the board of the ruling Civil Contract party, in an interview with Factor TV.
"The negotiations as such apparently did not take place, or did not even take place, but in accordance with the procedures established by law, a three-month calendar period was established from the moment of license revocation and suspension," he said, touching on the issue of negotiations with Tashir Capital.
He clarified that February 21 was the deadline for the government to make an offer, conduct negotiations, and, as a result of the transaction, 100% of the company's shares were to be transferred to the state.
"I know that, in accordance with the established legal procedure and deadlines, the government, specifically the territorial administration and infrastructure department, made this official offer to the owners, but the deal fell through. This means that after February 21, in accordance with Article 60 of the Constitution, the government must recognize 100% of the company's shares as a priority public interest, and after compensation is paid, it will be 100% nationalized. The process has entered this stage," Petrosyan said.
At the same time, the interim administrator declined to disclose the specific value of ESA or the price proposed by the government. He explained that this is a legal process with strict adherence to certain legal norms, including the pricing structure and legal norms, including constitutional and legislative ones, and that this information is currently considered confidential.
Romanos Petrosyan touched on the topic of possible abuses at ESA, stating that approximately two and a half dozen criminal cases have been opened to date, involving circumstances containing elements of a wide variety of crimes, most of which he has submitted reports to the Prosecutor General's Office. These cases, he stated, "involve both financial and economic fraud subject to criminal investigation, as well as the migration of large sums of money, especially large sums, so to speak, clearly documented facts." He assured that the circumstances uncovered during the preliminary investigation "will also significantly impact the company's real value, since real value is determined by equity, by all capitalized assets."
Petrosyan refuted the notion that the events surrounding ESA constitute political persecution of Samvel Karapetyan. He asserted that deep-rooted problems in the sector were discussed as early as the fall of 2024. "The Chairman of the Public Services Regulatory Commission (PSRC), re-elected for a second term several months earlier, resigned during that period, which in itself is indicative of the body's improper use of its constitutionally granted powers to regulate public services during that period," he said, adding that the Deputy Minister of Territorial Administration and Infrastructure (MTAI), who coordinated the energy sector, was also dismissed during the same period. Furthermore, prior to the administrative proceedings, the government "patiently negotiated, through the Minister of Territorial Administration and Infrastructure, held working discussions and consultations with senior management and ESA owners to rectify the situation."
Romanos Petrosyan also reported that a proposal to reduce tariffs had been submitted to the PSRC. However, according to Petrosyan, its implementation is currently impossible due to the upcoming scheduled shutdown of the Armenian Nuclear Power Plant for a lengthy preventive maintenance (PM) (preliminary estimates indicate it will last approximately five months, beginning approximately in April). During this period, Armenia will face higher electricity prices.
"If the planned shutdown of the nuclear power plant and the ten-year refurbishment cycle hadn't coincided this year, I assure you, tariffs for our citizens would have decreased," he said.
At the same time, Petrosyan announced plans to reduce other fees. "We plan to reduce the fee for connecting to the distribution network, which makes up a significant portion of the current tariff, by 30- 40%. We will also reduce the fee for increasing the capacity of the electricity supplied by 50%," he said.
As a reminder, Electric Networks of Armenia CJSC has belonged to Samvel Karapetyan's Tashir Group of Companies since 2016. Prime Minister Nikol Pashinyan announced his intention to nationalize ENA following Karapetyan's statement expressing public support for the Armenian Apostolic Church and his arrest. Parliament later adopted amendments to laws providing for the return of Electric Networks to state control. On July 18, the head of the Public Services Regulatory Commission appointed Romanos Petrosyan as its interim manager. The latter, starting on July 24, began making the first personnel changes among the company's senior officials, despite the Stockholm Arbitration Court's ruling not to change the company's governing bodies. On August 9, Narek Karapetyan, a shareholder of Electric Grids of Armenia and CEO of Tashir Capital, filed a lawsuit in the Administrative Court of Armenia against the PSRC and its chairman, Mesrop Mesropyan, demanding that the PSRC be declared ineligible to change the company's management.
On September 20, Prime Minister Nikol Pashinyan announced the government's plans for Electric Networks of Armenia CJSC in parliament. He stated that the process would proceed according to several scenarios. The first is that Electric Networks would be nationalized and transferred to reliable private management, while remaining fully state-owned. The second is that a controlling stake in the company would be transferred to a reputable international energy manager. "In any case, the Republic of Armenia will retain a stake sufficient to ensure the government's strategic presence in this vital infrastructure," Pashinyan said. He indicated that the authorities would resort to the second scenario only if it became clear that the costs under the first scenario would be disproportionately high for the state budget.
By a decision of the Public Services Regulatory Commission (PSRC) dated November 17, 2025, Electric Networks of Armenia CJSC was stripped of its electricity transmission license. The decision listed the violations the commission found in the company's operations. On February 17, David Ghazinyan, a member of the Strong Armenia party board and former CEO of ESA, stated at a press conference that the real value of Electric Networks of Armenia (ENA) is close to $1 billion, and the company's owners will not agree to sell it at a reduced price. Nevertheless, he asserted, the authorities are doing everything possible to reduce the company's market value. Ghazinyan recalled RA Prime Minister Nikol Pashinyan's assertion that the company's price could be reduced under certain circumstances. "Such statements are not made lightly. Tashir Group proposed engaging a major international appraisal company to determine ESA's value and add 15% to that amount, but the authorities rejected this initiative," the former CEO said, adding that in the current situation, the authorities want to legitimize the illegal takeover of ESA by applying a mechanism that prioritizes public interest and at the lowest possible price. However, as Kazinyan noted, if the company is sold on terms unfavorable to the owners, they reserve the right to challenge the authorities' actions in court.
