Armenia’s Public Services Regulatory Commission (PSRC) has revoked the electricity distribution license of Electric Networks of Armenia (ENA). The decision escalates a growing dispute between the government and the company’s jailed owner, billionaire Samvel Karapetyan.
The Commission resumed hearings on November 17 after initial discussions on November 13. During these sessions, members reviewed allegations of operational failures, financial irregularities, and inaccurate reporting. They then voted to remove ENA’s license, and Commissioner Ara Nranyan cast the only dissenting vote.
ENA’s temporary manager, Romanos Petrosyan, told the PSRC that the company’s automated metering system malfunctioned in January 2025. He also said the company deleted metering data dating back to 2018. As a result, officials explained that the missing data blocked them from accurately assessing outages, losses, and network conditions. In addition, Petrosyan listed other concerns, including under-collection, over-billing, and ENA’s use of its finances to guarantee loans for other Tashir Group firms.
Meanwhile, political and legal tensions continue to intensify around the company. ENA belongs to the Tashir Group, owned by Samvel Karapetyan. Authorities arrested him in June on charges of calling for a coup d’état. However, he denies the accusations and insists the case is political.
Investigators also raided ENA offices and the home of company chairman Narek Karapetyan. They seized dozens of documents during ongoing inquiries. Furthermore, lawmakers passed amendments that give the state the power to take temporary control of the utility and force a sale.
Government officials argue that ENA mismanaged the network and caused recurring outages. Critics, however, counter that the government’s actions amount to unlawful nationalisation and may damage Armenia’s investment climate.
Prime Minister Nikol Pashinyan says the government is considering two options for ENA’s future: nationalisation or a new ownership structure with state participation. In response, Karapetyan’s family says it will pursue international legal action if the government seizes the company and notes that it invested more than $700 million in ENA since 2015.
Consequently, the PSRC’s decision moves ENA into an uncertain phase as Armenia prepares to restructure its electricity distribution system.
