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YEREVAN. – Difficult situation in Armenia's energy sector that provoked mass protests Yerevan has exclusively economic, not political reasons, chairman of the management board of Inter RAO Boris Kovalchuk told TASS.

He said the current situation is a result of systematic problem in the regulation of the sector.

Kovalchuk said he welcomes the idea of conducting an audit and expressed confidence that conclusions will be made to confirm expedience of systematic changes in the sector.

According to Kovalchuk, the losses of the Electric Networks of Armenia (ENA) are a result of a system of rate regulation and the rules of functioning of energy sector in Armenia.

The regulation system provides for financing generating companies at the expense of ENA and forcing the company to buy more expensive electricity than that provided by an approved energy balance of Armenia, without compensation on the part of consumers.

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