ArmInfo. Today, September 9, the RA Ministry of Territorial Administration and Infrastructure submitted a draft government resolution "On recognizing the public's preemptive right to 100% of the shares of Electric Networks of Armenia Closed Joint-Stock Company" on the e-draft.am platform for public discussion. Discussions will continue until September 24.
According to the rationale for the draft resolution, ENA CJSC distributes electricity throughout the Republic of Armenia, ensuring the functioning of the population, healthcare, education, water supply, communications systems, and the economy. The draft states that electricity distribution networks are a natural monopoly and strategic infrastructure, the disruption of which directly impacts national security and public stability.
By the decision of the Public Utilities Regulatory Commission dated November 17, 2025, the validity of Electricity Distribution License No. 0092 issued to ESA CJSC was terminated. According to Part 3 of Article 52 of the RA Law "On Energy," in the event of license termination, the government proposes to shareholders the alienation of their shares or property complex in accordance with the procedure agreed upon with it. In the event of failure to alienate within the established three-month period, shares may be alienated as an exceptional measure in accordance with Article 60 of the RA Constitution.
By letter dated February 17 of this year, the head of the Ministry of Transport and Infrastructure Development, on behalf of the government
proposed to the shareholders of the company, Tashir Capital CJSC and Liormand LLC
Holdings, to alienate 100% of the company's shares with ownership rights
To the Republic of Armenia. Tashir Capital CJSC appealed to the Administrative Court.
The court filed a lawsuit against the Public Services Regulatory Commission (PSRC) requesting that the decision to terminate the license be declared invalid, but this request, as well as petitions for enforcement, were denied.
In another administrative case, on April 18, 2026, the Administrative Court upheld the claim of Tashir Capital CJSC against the government, recognizing the legal relationship providing for the possibility of alienating 70% of the company's shares in an agreed manner by May 25, 2026.
The shareholders' response proposal was received on May 22, but the statutory right to voluntarily dispose of the property within the established timeframe was not exercised. Tashir Capital filed another lawsuit seeking a declaration of the lack of a legal connection for the alienation of shares in accordance with Article 60 of the Constitution, which was dismissed at the decision-making stage by the Administrative Court.
MTUI noted in its reasoning that the Constitutional Court, in its decision of March 12, 2026, cited the preventive measures provided for by the Law on Energy and the establishment of a temporary administrator. The Constitutional Court stated that temporary administration is applied within the framework of administrative proceedings, is temporary in nature, and is aimed at ensuring the uninterrupted operation of the system.
According to the reasoning of the decision, temporary administration in itself is not a final solution for the long-term and stable management of the energy system. In this context, the recognition of the public's priority interest in 100% of ESA shares and their alienation in accordance with the procedure established by law are considered a long-term measure aimed at ensuring the reliability of the system. "Considering the exceptional importance of ESA's activities, its influence on all spheres of public life, as well as the natural monopoly nature of the sector, there are sufficient legal and social grounds for recognizing its activities as a priority public interest," the justification states.
